Industrial production in Japan fell 1.6% in September compared to August, according to preliminary data released on Monday, October 31, the first decline in this indicator since May, a sign that the global economic slowdown is starting to weigh.
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| Workers at the Toyota carmaker in Aichi, Japan. |
| Photo: AFP / VNA / CVN |
This decline is also higher than expected, as the consensus of Bloomberg economists predicted a limited decline of 0.8%.
Automotive, chemicals and machine tools were the sectors that contributed most to the decline in production, said the Ministry of Economy, Trade and Industry (Meti).
Shipments of Japanese artifacts fell 2.4% in September month-over-month, while inventories rose 3%, according to ministry data.
The industrialists interviewed by the Meti expect a further decline in production in October, but weaker (-0.4%), and are betting on a slight rebound (+ 0.8%) in November.
The US Federal Reserve (Fed) and most other major central banks around the world have drastically raised policy rates for months to control inflation, which is causing collateral damage to economic activity.
Xinhua / VNA / CVN
