A Japanese government official says domestic and global demand fell in July

A Japanese government official with comments on slumping industrial output. The data from earlier:

• Japan Industrial Production (July, preliminary) -2.0% m/m (vs. expected -1.4%)

Statement:

• domestic and global demand fell in July
• many sectors saw output fall, including production machinery

The falling yen has cushioned some of the weaker demand blow to Japan Inc exporters. Japanese exports have become more competitive due to the weaker currency.