JEQ - Japan industrial output drops more than estimated in May amid lower output of motor vehicles
2023-06-30 00:54:40 ET
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Industrial production in Japan declined by 1.6% month-over-month in May 2023, swinging from a final 0.7% growth a month earlier, preliminary data showed.
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This was the first drop in industrial output since January, coming worse than market consensus of a 1.0% fall, amid falling output in motor vehicle sector, with passenger cars and auto body parts being the significant contributors.
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On an annual basis, industrial output grew by 4.7% in May after a 0.7% fall in April, marking the first increase in seven months and the steepest rise since September 2022.
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In a separate post, Tokyo CPI edged down to 3.1% Y/Y in June, from 3.2% in May. Core CPI, which excludes fresh food, held steady at 3.2% Y/Y. Core-core CPI, excluding both food and energy, saw a mild decrease from 3.9% Y/Y to 3.8% Y/Y.
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Now read: Japan retail sales grow more than expected led by tourism and a consumption boost
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Japan industrial output drops more than estimated in May amid lower output of motor vehicles