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Japanese industrial output up 2.4%

Japan - Production levels still way down
Japan - Production levels still way down

Japan's industrial output rose 2.4% in June from the previous month, according to official data.

The reading, which represents growth for the fourth consecutive month, was roughly in line with average market expectations for an increase of 2.5%.

Production was largely boosted by higher output of electronic components and devices, steel products and chemicals, it said.

The June growth was lower than a revised rise of 5.7% in May. Compared with a year earlier, production was still down 23.4%.

June shipments rose 3.5% from May while inventory stockpiles fell 1.0%.

Production is expected to rise by 1.6% in July and by another 3.3% in August, according to the manufacturers' own forecasts, the Ministry of Economy, Trade and Industry said.