Japan January industrial output -1.1% m/m

• expected -1.2%, prior -0.2%

for the y/y its +2.6%

• expected -1.2%, prior +1.6%

Manufacturers forecast for 1 month ahead, February, is +5.0%

for 2 months ahead, March, -2.0%

The data of focus so far from Japan has been:

The yen has weakened on the CPI data, at the margin it suggests less urgency on Bank of Japan rate hikes.