Japanese industrial output in largest fall since 1953
Figures from Japan’s Ministry of Economy, Trade and Industry, have revealed that industrial output in the country fell 8.5% in November compared with the previous month.
The figure, which was revised from an earlier reading, represented the largest fall since records began over 55 years ago.
The global economic downturn has meant that demand for manufactured goods has fallen sharply and resulted in the closure of factories and job losses have been rife.
Meanwhile, it was reported last week that core Japanese machinery orders fell 16% in November to a 20-year low.
Machinery orders in the world‘s second largest economy are considered a barometer for corporate and consumer strength across the world.
It was announced that the Japanese economy officially entered recession at the end of last year as the country has been hit by weakening exports and falling corporate investment.
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