FX.co ★ Japan Industrial Production Falls 1.6%

Japan's industrial production contracted more-than-expected in May, preliminary data from the Ministry of Economy, Trade, and Industry showed on Friday.

Industrial production dropped by a seasonally adjusted 1.6 percent month-on-month in May, reversing a 0.7 percent rise in April. Economists had expected a 1.0 percent decrease for the month.

Further, this was the first decline in four months.

Shipments fell 0.6 percent monthly in May, while inventories advanced 1.5 percent.

The data showed that the inventory ratio also showed an increase of 0.9 percent.

On a yearly basis, industrial production recovered strongly by 4.7 percent in May after a 0.7 percent decrease in the prior month. It was the first growth since November last year.