Japan Industrial Production for May (preliminary) -7.2% m/m ... a huge miss ... epic miss more like
- expected -0.3% m/m, prior -1.5%
- this is the biggest m/m drop since the pandemic impacted May of 2020
-2.8 % y/y
- expected -5.9% y/y, prior -4.9%
Manufacturing forecasts for the months ahead:
- see June output +12.0% m/m
- see July output +2.5% m/m
The Japanese government has cut its assessment of industrial production ... not surprisingly given this monumental miss.
- says output is weakening
- motor vehicle production down 8% in May
- government says the slump in May was caused by Chinese covid lockdowns impacting autos, batteries, air conditioners, production machines
JPY little changed
