JAPAN DATA: Crude steel production in April fell 6.3% on year,
posting the second straight monthly y/y fall, following -2.7% in March,
due to lingering aftermath of the March 11 earthquake and tsunami, data
released by the Japan Iron and Steel Federation showed. Economists often
use this piece of data in forecasting industrial output. Steel
production accounts for around 6% of Japan’s overall manufacturing and
mining production.