Japan November Industrial production (preliminary) -0.9% m/m (expected -1.6%)

  • Retail trade data also, November +5.3% y/y (expected +5.0%)

Both IP and retail outperformed:

  • industrial output m/m didn't drop by as much as expected
  • retail sales y/y beat the median estimate
Japan industrial output retail sales November 2023

Japanese manufacturers' forecasts:

  • expect December output at +6.0% m/m (prior forecast was +3.2%)
  • expect January output at -7.2% m/m

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USD/JPY is down a few ticks, circa 141.43

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