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Industrial production in Japan rose during the month of August, staying slightly lower than what markets had initially anticipated and also less than what preliminary estimates had shown last month.
Japan’s Industrial output rose 1.3 percent from July, following a 0.4 percent decline, data released by the country’s Ministry of Economy, Trade and Industry showed in a final estimate Monday. Preliminary data last month showed a 1.5 percent increase.
On an annual basis, industrial production surged 4.5 percent, the fastest pace in almost two years. According to analysts, the solid uptick in August production raises the outlook on Japan’s third quarter gross domestic product (GDP). The Japanese economy expanded a meager 0.2 percent in the second quarter, up from a preliminary estimate of zero, data showed.
In addition to other market factors, a strong domestic currency can be partly held responsible for the weakness in Japan’s manufacturing and industrial conditions, besides the two big earthquakes that shook the economy at the start of the second quarter. Also, weakness in in-house and outbound demand has contributed to the softness.
While industrial production figures surprised to the upside in August, other data showed the world’s third-largest economy continued to sputter along. Consumer inflation dropped 0.5 percent in August from a year ago, while household spending fell 4.6 percent y/y. The unemployment rate also inched up to 3.1 percent from 3 percent.
Meanwhile, the Bank of Japan is scheduled to hold its monetary policy meeting on October 30-November 1, while the minutes of the September 29-21 meeting will be released a week later.
