The 2.0% m/m decline in Japanese industrial production in June confirms that output has now fallen for two successive quarters. This was at least widely expected: the consensus was for a fall of 1.7% m/m, and any m/m decline would have been sufficient to put the sector into technical recession. As it is, output fell by 0.8% q/q in Q2 after a 0.7% decline in Q1.
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