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Analysts at Nomura expect Japan’s industrial production to rise for a third straight month in April as in the survey of manufacturers’ production forecasts carried out on 10 April, the production forecast for April, adjusted for prediction error, was 1.4% m-o-m.

Key Quotes

“Exports, which are highly correlated with industrial production, were stronger than expected in April, and from the middle to the end of the month, economic activity appears to have improved, with JPY weakening against USD and the stock market rallying, indicating a strong likelihood that production will come in stronger than the survey of forecasts suggests.”