Preliminary data showed that
industrial production in Japan jumped a sharp 5.9% in May, matching April's increase. Though behind the consensus estimate by about a percentage point, the rise was the third gain in a row, signaling Japan's industrial sector, which had been battered badly by falling demand around the world, is quickly improving.
The rebound has been sharp, per statistics provided by the Ministry of Economy, Trade and Industry, as production had been down an almost unfathomable
- 8.5% in November
- 9.8% in December
- 10.2% in January
- 9.4% in February
Note how quickly manufacturers in Japan responded to the rising yen and the global credit crunch last year.
Consumers still remain reluctant to spend, as evidenced by a 2.8% decline in retail sales versus a year ago, but it's looking more like a
V-shaped recovery for the industrial sector as companies re-stock depleted inventories.
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