Japanese factories slashed output for a third consecutive month in November, dragged down by weak demand for machinery products amid a deteriorating global economic outlook.
The weak production bodes ill for Japanese firms as they face growing calls to raise workers' pay to counter inflation, seen as essential for the"The impacts of overseas rate hikes, slower growth and weak capital expenditure demand are gradually reaching Japan," said Masato Koike, economist at Sompo Institute Plus.
Factory output fell 0.1% in November from the previous month, government data showed on Wednesday, a smaller decline than the median market forecast for a 0.3% drop. Output of general machinery slipped 7.9%, while that of production machinery decreased 5.7%, driving down the overall index in November. Output of auto products was also down 0.8%.
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