Japan preliminary Industrial Production data for May
- expected -0.2%, prior 0.5%
And -0.1% y/y
- expected +1.9%, prior was -3.3%
Very weak IP data indeed. Earthquakes in April will have had an impact, as will the strong yen
As part of the data collection the Minsitry of Economy, Trade and industry gauge expectations manufacturers have for coming months;
- manufacturers expect output to rise 1.7% in June
- and to increase 1.3% in July.
Thye don't specify what will drive these expected increases, but at this stage it would appear to be a surge in the production of rose-coloured glasses.
ps. Earlier on in the session South Korean data was better:
industrial output in May rose at its fastest pace in three months
- +2.5% m/m in May (expected +0.3% and prior -1.2%)
- +4.3% y/y (+0.4% expected and prior -2.6%)