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Industrial production in Japan remained flat during the month of September, raising questions over the country’s manufacturing recovery. However, it rose on an annualized basis.
Japan’s industrial output was unchanged from August, following a 1.3 percent increase the previous month, data released by Japan’s Ministry of Economy, Trade and Industry showed Monday. Compared to the same period a year ago, industrial production rose 0.9 percent. Annual output in August rose 4.5 percent in August, the fastest since 2014.
Further, the Markit/Nikkei manufacturing PMI rose to 51.7 in October from 50.4 the previous month. Anything above 50 indicates expansion. Manufacturing PMI came in above 50 in September for the first time in seven months.
In addition, a separate government report also showed on Monday that retail trade was flat in September, following a 1.1 percent drop the previous month. In year-over-year terms, retail trade fell 1.9 percent. Sales at large retailers fell 3.2 percent, following a 3.6 percent drop the month before.
Meanwhile, the Japanese yen was down around half a percent early Monday. The benchmark 10-year bond yield, which moves inversely to its price, hovered around -0.04 percent mark, the yield on long-term 30-year Treasury remained steady at 0.51 percent and the yield on short-term 2-year note stood flat at -0.23 percent by 06:00 GMT.
