Flash reading for Japanese IP in Dec of 2018, better than was the consensus expectation

-0.1 % m/m … second month in a row of a fall - trade tensions weighing.

  • expected -0.5% m/m, prior -1.0%

-1.9 % y/y

  • expected -2.3% y/y, prior 1.5%

Outlooks:

  • Jan output seen at -0.1% m/m
  • Feb seen at +2.6% m/m

OK, yeah, 2nd month falling, but the outlook is seen picking up in February. .