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szdaily -> World Economy -> 
Japan’s factory output expands for third straight month in August
    2020-10-01  08:53    Shenzhen Daily

JAPAN’S factory output rose for the third straight month in August, in a positive sign for manufacturers as economic activity gradually recovered further from the impact of the coronavirus pandemic.

Demand among Japan’s global trading partners, and especially China, has come off lows seen earlier this year when the virus crisis forced governments to impose lockdowns that hurt global trade and production.

Separate data showed retail sales posted their sixth straight month of declines in August as worries over a fragile economic recovery kept a lid on consumer spending.

Official data released yesterday showed factory output increased 1.7 percent in August from the previous month, boosted by rebounding production of automobiles and car parts as well as iron, steel and non-ferrous metals.

August’s rise, which was much slower than the previous month’s record 8.7 percent gain, came in largely in line with the median market forecast of 1.5 percent growth in a poll of economists.

But analysts said the recovery in car output was expected to fade in the coming months as a resurgence in coronavirus infections around the world would likely lead to weaker demand.

“It’s unavoidable that the rebound in car production will become more gradual,” said Yuichi Kodama, chief economist at Meiji Yasuda Research Institute. “It can’t really be counted on as a catalyst for the recovery of Japan’s economy.”

Manufacturers expect output to rise 5.7 percent in September and 2.9 percent in October, the Ministry of Economy, Trade and Industry (METI) said.

Japan’s small and medium manufacturers are expecting the pace of economic recovery to be quite slow, said Yushi Shinada, a researcher at the Shinkin Central Bank Research Institute.

“The time of recovery is not there yet,” Shimada said, adding that many small producers depend on improved conditions at large manufacturers for their situation to get better.

Sentiment among small and medium enterprises remained deeply negative in September, a quarterly Shinkin Central Bank Research Institute survey on their business conditions showed. (SD-Agencies)

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