Japan output accelerates on global recovery

Japan's industrial production in January rose by a bigger-than-expected 2.0 percent from the previous month as companies stepped up output of cars and electronic products, according to the government.The rise beat average market expectations of around 1.5 percent growth and followed a revised month-on-month rise of 3.8 percent in December.Industrial production is showing "signs of an upward movement," the economy, trade and industry ministry said in a monthly report, upgrading its assessment for December, which said the production "appears to be flat".

This morning Markit released Eurozone, France, and Germany preliminary PMI reports. All show further deterioration. Germany Markit Flash Germany PMI® shows Manufacturing weakness behind moderate drop in German private sector output during October. Summary

With another listless macro day in the offing, the main event was the previously mentioned Bank of Korea 25 bps rate cut, which coming at a time when everyone else in the world is easing was not too surprising, but was somewhat unexpected in light of persistent inflationary pressures. Either way, the gauntlet at Abenomics has been thrown and any temporary Japanese Yen-driven export gains will likely not persist as it is the quality of products perception (sorry 20th century Toshiba and Sony), that is the primary determinant of end demand, not transitory, FX-driven prices.

The CPB Netherlands Bureau for Economic Policy Analysis released its

The CPB Netherlands Bureau for Economic Policy Analysis released

Japan's industrial output slipped for a third consecutive month in August, official data showed Thursday, indicating that a fragile export-led recovery is continuing to lose steam.Output fell 0.3 percent in August, the Ministry of Economy, Trade and Industry said, the figure missing expectations of a 1.1 percent rise."Industrial production is flat and is likely to be weak," it said, adding that the general machinery sector and iron and steel production were the main contributors to the monthly decrease.

Japan's factory output growth came in at a slower-than-expected 0.2 percent in April, official data showed on Thursday, as the world's third-largest economy mounts a lumbering recovery.The rise was below the market's forecast of a 0.5 percent boost, after revised factory output data for March showed growth of 1.3 percent, according to Dow Jones Newswires.The economy, trade and industry ministry put a positive gloss on the latest figures, saying output "continues to show an upward movement".