Japan's industrial output shrank more than expected in August in the latest...
TOKYO - Japan’s industrial output shrank more than expected in August in the latest warning that the economy and its manufacturers are facing intensifying pressure amid a bitter Sino-U.S. trade war.
Industrial output fell 1.2% in August, government data showed, dropping at a faster pace than a median market forecast for a 0.5% decline and almost completely reversing July’s 1.3% increase. Monday’s output data paints a bleak picture for Japan’s export-reliant economy, underlining broadening stress across the manufacturing sector from slowing global growth, though service-sector activity remains firm as it is less at risk from weakness in global trade.
The world’s third-largest economy has so far avoided buckling under a slowdown in overseas demand, growing for the third straight quarter in April-June, largely thanks to robust household consumption and public works spending. Although the agreement does not cover autos, Abe said he had received assurances from Trump that Washington would not impose previously threatened “Section 232” national security tariffs on Japanese car imports.
FILE PHOTO: A cyclist rides past a factory at Keihin industrial zone in Kawasaki, south of Tokyo, Japan, August 18, 2016. REUTERS/Kim Kyung-Hoon/File Photo
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