Japan's industrial output fell in January-March at the fastest pace in almo...
TOKYO - Japan’s industrial output fell in January-March at the fastest pace in almost five years, suggesting the economy may post a mild contraction in the first quarter as manufacturers struggle with the U.S.-Sino trade war.
The sharp decline in Japan’s output highlights the extent of the damage caused by the trade war, but economists are optimistic the world’s third-largest economy can quickly bounce back as global growth remains on relatively firm footing. Industrial output in January-March tumbled 2.6 percent, the biggest decline since April-June 2014, data from the Ministry of Economy, Trade and Industry showed on Friday. That followed a 1.4 percent expansion in the previous quarter.
March industrial output fell due to a 3.4 percent decline in car output and a 6.7 percent drop in the production of machines used to make semiconductors and flat-panel displays, the data showed. The trade war initially caused China’s economy to wobble, but the world’s second-largest economy defied expectations for a slowdown in the first quarter, raising hope for other countries that rely on Chinese demand. South Korea’s export-reliant economy, however, unexpectedly shrank in the first quarter as companies slashed investment and trade slumped.
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