Industrial production in Japan unexpectedly rose 1% in July from the previous month, according to official data released on Wednesday, beating analysts’ predictions of a 0.5% decline.
In July, Japanese factories increased output for a second consecutive month thanks to an uptick in motor vehicle production that bodes well for the manufacturing sector and the economy as a whole heading into the third quarter.
Retail sales increased for the fifth consecutive month in July, supporting expectations that Japan will reap the benefits of consumers’ steadfast spending in the current quarter.
