Japanese industrial output sees record fall

| April 28, 2011 | 0 Comments
Japanese industrial output sees record fall

Japanese industrial output fell by 15.3% last month – the largest ever fall as disruptions in the supply chain brought the country’s car industry to a halt.

The previous record was an 8.6% fall in February 2009 – at the time of the global financial crisis – and was far worse than forecasts of an 11% decline.

The figures come as the Bank of Japan left its interest rates unchanged in a bid to boost growth.

The bank has kept the cost of borrowing at a historic low of between zero to 0.1% as the country struggles to recover from the aftermath of the devastation caused by last month’s earthquake and tsunami.

In related news, Standard & Poor’s yesterday downgraded its outlook on Japan’s sovereign debt after suggesting reconstruction costs could pass the $600 billion mark.

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