Industrial production in Japan jumped to its highest level in almost five months during the period of November, raising hopes of green shoots in the last quarter of this year. Broad expansion in the country’s export volumes also led to hopes of a moderate revival in the economy.
Japan’s Industrial production increased 1.5 percent in November from a month earlier (forecast +1.7 percent). Output is forecasted to rise 2 percent in December and 2.2 percent in January, data released by the Ministry of Economy, Trade and Industry (METI) showed Wednesday.
On a yearly basis, industrial production climbed 4.6 percent – also shy of forecasts for 4.7 percent following the 1.4 percent contraction in the previous month.
Upon the release of the data, the METI upgraded its assessment of industrial production, saying that movement is picking up. Previously, the METI held that output was showing signs of increase at a moderate pace.
Meanwhile, the USD/JPY traded at 117.55, up 0.11 percent, while at 5:00GMT, the FxWirePro’s Hourly Yen Strength Index remained highly bearish at -153.302 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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