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    Upward revision on Japanese industrial production

    The final data about industrial production in Japan was revised upward which make eventual BoJ action marginally less likely on meeting on Thursday. 

    The data was revised higher in April which was a little surprise as Japanese manufacturers like Sony or Toyota were disrupted by two earthquakes. Final government figures shower that indsutrial production fell 3,3% y/y, less than previous data indicated of 3,5% fall. The output rose 0,5% on monthly basis in comparison to March, previous data showed only 0,3% m/m growth. 

    The revised data came out ahead of Bank of Japan meeting and make it marginally less likely that BoJ will cut interest rates or add to monetary base. Furthermore, the latest decision of Shinzo Abe to delay a sales tak hike probably decreased a need of further easing. 

    Japanese yen in one of the strongest currency in G10 in the morning gaining 0,33% again the US dollar. 


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