Japan official: Industrial production shipments falling … similar to last time Japan entered recession

Japan METI (Ministry of Economy, Trade and Industry) official:

• Industrial production shows shipments falling for 5 straight months, which is similar to last time Japan entered recession

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Headlines via Reuters

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In reference to the data released earlier: Japan Industrial Production for June (preliminary): -3.3% m/m (vs. -1.2% expected)

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I would have thought this might be a bearish input for the yen. USD/JPY not seeming to agree with me though.