Japan: Industrial activity records largest contraction in 10 months in January
Latest reading: Industrial output dropped 1.1% month on month in seasonally adjusted terms in January (December: -0.2% mom). Looking at the details of the release, manufacturing output dropped at a faster pace in January, and mining output swung to contraction.
On an annual basis, factory output rebounded, rising 2.6% in January (December: -1.6% yoy). Accordingly, the trend improved slightly, with the annual average variation of industrial production coming in at minus 2.0%, up from December’s minus 2.3%.