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Industrial production in Japan rose during the period of September, compared to a flat preliminary reading that showed the volatility in the index. The monthly industrial production series is considered especially volatile and subject to large swings.
Industrial production surged 0.6 percent from August after rising 1.3 percent the previous month, data released by the Ministry of Economy, Trade and Industry showed Monday. Compared to the same period a year ago industrial production rose 1.5 percent, following a 4.5 percent hike in August that was the strongest since 2014. Annual industrial production had declined for eight consecutive months through July.
Further, shipments rose 1.8 percent month-on-month and 0.7 percent annually. Meanwhile, inventories were down 0.5 percent from August and 2 percent year-over-year, official data showed. Capacity utilization was down 2 percent on the month.
Bank of Japan (BoJ) Governor Haruhiko Kuroda hinted on Monday towards a further lowering of interest rates in the near term, if situation calls for, with the inflation and growth targets still lagging behind. He also pointed out that the uncertainty and fears surrounding the global economy over Donald Trump’s victory in the 2016 U.S. Presidential election, could also impediment the Japanese economy.
At 6:40GMT, the USD/JPY currency pair was trading 0.82 percent higher at 107.56, compared to previous close of 106.68, while at 6:00GMT, the FxWirePro's Hourly Yen Strength Index remained highly bearish at -133.503 (higher than the benchmark of -100 for bearish trend).
Meanwhile, Japan's benchmark stock index, Nikkei 225 was 1.71 percent higher at 17,672.62 at the time of closing on the Tokyo Stock Exchange.
