Japanese industrial output in May dropped to its lowest level since the global financial crisis, underlining the deep impact of the coronavirus pandemic on factory productivity.
Japan s Ministry of Economy, Trade and Industry data reported an 8.4% fall to 79.1 in factory output in May. The country is headed for its worst postwar recession.
May s output slump followed a 9.8%-drop in the previous month and exceeded the median market forecast of a 5.6% decline.
On a positive note, manufacturers predict output to grow 5.7% in June and 9.2% in July.
However, the Japanese government did not revise its assessment of industrial production, stating that it was sharply declining. This assessment was the bleakest view since the 2008 financial crisis.
https://www.umarkets.com/en/news/japan-factory-output-drops-as-economy-falls-deeper-in-recession