JEQ - Japan's industrial output slips 0.1% in February retail sales exceed forecasts
2024-03-29 01:32:27 ET
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Investors assessed mixed economic data in Japan for February, with a surprise increase in the unemployment rate and a decline in industrial production, while retail sales rose more than expected.
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Japan's industrial output dropped 0.1% in February from a month earlier, marking the second consecutive month of contraction, government data showed on Friday.
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The latest result followed a 6.7% plunge a month earlier, which was the steepest decrease since May 2020.
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Yearly, industrial output fell by 3.4% in February, the fourth straight month of contraction and the strongest pace in the sequence.
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Retail sales in Japan rose 4.6% Y/Y in February 2024, accelerating from a downwardly revised 2.1% gain in January and exceeding market expectations for 3% growth.
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Monthly, retail sales increased by 1.5% in February, accelerating from a downwardly revised 0.2% gain in January.
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Meanwhile, Japan’s unemployment was at 2.6% in February 2024, compared with market forecasts and January's figure of 2.4%. It was the highest level since last September. The jobs-to-applications ratio edged down to 1.26 in February, the lowest level since May 2022.
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Investors were also closely monitoring currency moves amid fears that the yen’s recent slide to 34-year lows could prompt another intervention from Japanese authorities.
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Japan's Nikkei 225 ( NKY:IND ) rose 0.5% to above 40,300 on Friday, recouping some losses from the previous session.
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( USD:JPY ) is trading at 151.353.
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More on Japan
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Japanese shares hit all-time high after inflation accelerates in February
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Japan's trade deficit shrinks more than expected amid robust U.S., China demand
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Japan's manufacturing activity rises to 48.2 in March; services PMI increased to 54.9
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Japan's central bank hikes interest rate after 17 years, scraps yield curve control
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Japan's industrial output falls 6.7% in January, less than an initial estimate
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