Japan Oct factory output rebounds sharply after storm-hit Q3
TOKYO, NNA - Japan's industrial production and shipments rebounded sharply on month in October after a slump in the July-September quarter caused by bad weather, leading to the first year-on-year drop in inventories in just over a year, preliminary data released Friday by the Ministry of Economy, Trade and Industry showed.
This prompted METI to upgrade its assessment for the first time in 11 months despite the escalating U.S.-China trade dispute.
“Industrial production is picking up gradually,” it said, dropping the reference to “some soft spots.”
The index of Industrial Production rose 2.9% on month in October to 105.9, the highest level under the new 2015 base year adopted recently.
It was the first month-on-month increase after an upwardly revised 0.4 percent drop in September (-1.1 percent under the 2010 base year), coming in stronger than the median economist forecast for a 1.2 percent rise.