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The Honolulu Advertiser

Posted on: Thursday, June 28, 2001

Japanese industrial production down

Associated Press

TOKYO — Japan's industrial production fell 1.2 percent in May from April for its third straight month of decline, the Ministry of Economy, Trade and Industry said today.

The fall was much larger than the average forecast of economists surveyed by Dow Jones Newswires, who had predicted a 0.3 percent slide.

Japan's economy is stuck in its worst slump in decades. Exports have been the main fuel for growth in the world's second-largest economy, but the slowdown in the United States and Europe has weakened demand for Japanese products.

The ministry said industrial output remains in a downward trend with inventories continuing to rise — the same assessment as in April.

It expects output to rise 0.3 percent in June from May and then decrease 0.1 percent in July, based on a survey of companies.