Japan October Industrial Output +3.0% m/m (exp +3.9%) Retail sales +1.6% y/y (exp +2.2%)

Both of these miss.

On output, the outlooks:

• Manufacturers expect November output to be -2.2% m/m
• expect December output to be -0.5% m/m

Earlier from Japan today:

• Tokyo area November inflation data, a big jump higher: Headline 2.6% y/y (prior 1.8%)
• USD/JPY towards 151.10 - the drop began before the CPI data officially published