Japan's factory output shrank at the fastest pace in eight months in January as declining overseas demand took a heavy toll on key industries such as auto and semiconductor equipment.
Output of auto products slumped 10.1%, dragging the overall index lower while manufacturing of items such as production machinery and electronic parts dropped 13.5% and 4.2%, respectively.
of chip equipment against China "has not had an immediate effect" on Japanese industrial production in January, the official added."The magnitude of the slowdown was partly due to the early start to the Lunar New Year this year, which started just 22 days after the turn of the calendar year," said Darren Tay, Japan economist at Capital Economics, adding production will rebound in February.
Separate data showed Japanese retail sales rose 6.3% in January from a year earlier, beating a median market forecast for a 4.0% gain and posting an eleventh consecutive month of expansion. It also logged the fastest growth since May 2021.
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