Japan's factory output posted the biggest decline in a year in January in a...
TOKYO - Japan’s factory output posted the biggest decline in a year in January in a sign slowing Chinese demand and the Sino-U.S. trade war were taking a toll on the country’s manufacturing sector, a major driver of economic growth.
The batch of weak data reinforces policymakers’ concerns that sluggish output will hit growth in the world’s third-largest economy, with exporters curbing shipments and manufacturers halting production as the Sino-U.S. tariff war hits trade with China. The 3.7 percent fall in output, which closely tracks broader economic growth, was bigger than the median market forecast for a 2.5 percent drop and marked the third straight month of contraction, the data showed on Thursday.
The ministry cut its assessment of activity to say it was “stalling”. Previously, it was described as picking up gradually.Japan’s economy rebounded in the fourth quarter as business and consumer spending recovered from the slump caused by natural disasters, but trade frictions and a planned sales tax hike in October have stoked fears of a recession this year.
On the seasonally-adjusted basis, retail sales dropped 2.3 percent month-on-month in January, a worrying sign for private consumption, which accounts for about 60 percent of the economy.
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