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Follow on Google News | Oppenheimer Lloyd Global Markets CEO Is Encouraged As Japan Factory OutputOppenheimer Lloyd Global Markets CEO is encouraged as Japan industrial production up 1.3 percent in April for second monthly rise.
Higher output among makers of general machinery and fabricated metals led the advance, according to the Ministry of Economy, Trade and Industry's preliminary report. Parts used in flat-panel televisions also contributed to gains. Shipments rose 1.6 percent, and inventories were up 0.3 percent. The latest numbers follow data last week that revealed a mixed picture for Japan's economic recovery. Exports in April surged more than 40 percent, expanding for a fifth straight month. The country's biggest automakers released data Friday showing major sales and production gains. Toyota Motor Corp., the world's biggest car manufacturer, said Friday it made 61.5 percent more cars, trucks and buses in April from a year earlier, despite massive global recalls that have hurt its reputation for quality. But other figures suggested the export boom has yet to positively affect workers and families. The nation's unemployment rate rose to 5.1 percent, and household spending retreated. Deflation continued to deepen as core consumer prices fell 1.5 percent from a year earlier. The outlook for Japan's factories appears weak as production is expected to decelerate in the next two months. The ministry's poll of manufacturers forecasts production to rise 0.4 percent in May and 0.3 percent in June. Economists say the likely slowdown is inevitable as governments around the world phase out stimulus measures. In Japan, eco-points awarded to buyers of energy-efficient household appliances and tax breaks for eco-friendly cars helped bolster production. "With both the points and the tax breaks scheduled for termination, it seems unlikely that manufacturers will step up production," # # # Oppenheimer Lloyd was established as a diversified financial services company to bring innovative investment advice to both private and corporate clients across Asia and around the world. End
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