© Dukascopy Bank
|
"Fundamentally, Japan's economy is on a downward slope"
- Yoshimasa Maruyama, chief economist at Itochu Corp.
Japan's industrial output tumbled 2.3% in November, compared to the previous month, said the Ministry of Economy, Trade and Industry on Wednesday. Economists expected the reading to drop by 0.7 per cent.
"Fundamentally, Japan's economy is on a downward slope," said Yoshimasa Maruyama, chief economist at Itochu Corp. "Exports are falling and negatively impacting Japan's economy due to the global slowdown."
Japan's Cabinet Office is to announce month on month change in core machinery orders January 10. Orders dropped 6.9% percent in October, compared to September.