Japan Industrial Production (preliminary for February): 4.1% m/m (expected +5.0%)

Now, the IP data, of
all the data this morning probably the most watched.

Industrial
Production m/m for February (preliminary reading) +4.1% m/m

• expected 5.0%, prior
  was -6.8%

Industrial
Production +1.4% y/y for (February reliminary)

• expected 2.3%, prior
  was 2.5%

The question was
will there be a bounce from January’s slump on the month? The
outlook published by METI (Japanese
manufacturers see February output +9.0% m/m) said yes, and the
data today is in that direction indeed. It has undershot that
outlook, which is not unusual, but the background to the IP data was
a softening in earlier indicators for February:  

More (the outlooks):

• March seen at +0.9% m/m
• April’s at +5.2%

—

If you are trading away – there is still some info to come from Japan

• BOJ Japanese Government Bond buying operation scheduled in the 1-3, 3-5, 5-10 years still left until maturity
• That’s at 0110GMT

I won’t be around – I’m off for the rest of the looooong weekend! Have a great time everyone!