Japan Industrial Production for May (preliminary) -7.2% m/m (expected -0.3%)

Japan Industrial Production for May (preliminary) -7.2% m/m ... a huge miss ... epic miss more like

• expected -0.3% m/m, prior -1.5%
• this is the biggest m/m drop since the pandemic impacted May of 2020

-2.8 % y/y

• expected -5.9% y/y, prior -4.9%

Manufacturing forecasts for the months ahead:

• see June output +12.0% m/m
• see July output +2.5% m/m

The Japanese government has cut its assessment of industrial production ... not surprisingly given this monumental miss.

• says output is weakening
• motor vehicle production down 8% in May
• government says the slump in May was caused by Chinese covid lockdowns impacting autos, batteries, air conditioners, production machines

JPY JPY The Japanese yen (JPY) is the official currency of Japan and at the time of writing is the third most-traded currency in the world behind only the US dollar and euro.The JPY is used extensively as a reserve currency and is relied upon by forex traders as a safe haven currency.Originally implemented in 1871, the JPY has had a long history and has survived multiple world wars and other events. This was followed by the creation of the Bank of Japan (BoJ) in 1882 and the full oversight of the JPY by The Japanese yen (JPY) is the official currency of Japan and at the time of writing is the third most-traded currency in the world behind only the US dollar and euro.The JPY is used extensively as a reserve currency and is relied upon by forex traders as a safe haven currency.Originally implemented in 1871, the JPY has had a long history and has survived multiple world wars and other events. This was followed by the creation of the Bank of Japan (BoJ) in 1882 and the full oversight of the JPY by Read this Term little changed