Earlier data from Japan including the PMI and spending/CPI/employment data were, on balance, a positive for the BOJ and the administration. The preliminary data for July industrial production, though, is not so promising, coming in below consensus economist expectations (but nevertheless positive):

  • Industrial Production for July (preliminary reading): 3.2% m/m (vs. expected 3.6%)
  • Industrial Production for July (preliminary): 1.6% y/y (vs. expected 1.8%)

USD/JPY hasn’t shown much of a response to the data this morning.