Weekly Economic and Financial Commentary – 30 December, 2019
Japan’s industrial production for the month of November declined for the second consecutive month by -8.1% YoY (October: -7.7% YoY) following declines in production machinery (18.8% YoY) and electrical machinery (8.6%YoY). Also, the impact of the increase in sales tax which took effect on the 1st of October dragged consumer spending further in November, with retail sales data for the month declining by 2.1% YoY (October: -7.0% YoY) following weak demand for general merchandise (-4.4% YoY), motor vehicles (-5.9% YoY) and machineries (-7.8% YoY).
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