Following the mediocre US trading session, Japan’s Nikkei is off a quick 1%, about :30 into trading.
A possible contributor to the decline?
A surprise contraction in industrial production, the country’s first in four months.
Japan’s industrial production fell unexpectedly in June and the unemployment rate climbed to a seven-month high, signaling the nation’s export-led recovery is losing momentum.
Factory output dropped 1.5 per cent from May, when it gained 0.1 per cent, the Trade Ministry said in Tokyo today. The median estimate of 26 economists surveyed by Bloomberg News was for a 0.2 per cent increase. The jobless rate rose to 5.3 per cent, the highest level since November, the statistics bureau said.
For a recap of the US trading day, see here.
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