JAPAN DATA: Crude steel production in May fell 7.0% on-year, posting the
third straight monthly y/y fall, following -6.3% in April, due to
lingering aftermath of the March 11 earthquake and tsunami, data
released by the Japan Iron and Steel Federation showed. Economists often
use these data in forecasting industrial output. Steel production
accounts for around 6% of Japan’s overall manufacturing and mining
production.