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MK: Japan Industrial Production Unchanged
 
The Japanese industrial production figures came in at 0% for the month of July, as it fell below analysts’ forecasts for consecutive gains, the reports has also succeeded in raising some concern for the health of the world’s third largest economy. The Ministry of Economy, Trade and Industry said in a report on Wednesday that the industrial production remained flat for the month of July, on the trail of a previous 2.3% increase in June that was the biggest in 3 months. A median estimate of economists also forecasted a growth of 0.7%.

Official data also reveals that in comparison to the figures posted for July 2015, industrial production has fallen by 3.8%. Inventories posted a 2.4% slump as shipments climbed by 0.9% month-on-month. The released data also signifies that the Japanese economy is currently unable to make progress at the start of the third quarter. Year-over-year, an overall slowing in growth was shown in the second quarter, with the economy also edging lower into deflation, a final estimate of second quarter GDP will be released next week.

Survey conducted by the Ministry of Economy also showed that a volatility in the performance of industrial is expected to persist as a rise of 4.1% is expected for the month of August and a 0.7% slump is expected for September. Japan’s manufacturing sector has survived two major earthquakes at the start of this year, which forced shutdown of major industrial plants and factories throughout the affected areas. Sony, Honda and Toyota were just some of the companies to suspend production in April following the two powerful quakes in Kumamoto.

Export industries have been heavily pressured by the growing strength of the Japanese yen which has continued to defy Bank of Japan’s stimulus measures.
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