Japanese Industrial Production surprises to the upside, 1% in October versus expected 0.8%

Japanese MoM Industrial Production increased by 1% in October compared to September's 0.5% uptick, beating the market forecast of 0.8%.

Annualized Industrial Production into October also rebounded from the last period's 4.4% decline to print at 0.9%.

Market Reaction

The USD/JPY is holding steady just above the 147.00 handle after testing into an early Thursday low of 146.84 prior to the data release.

About Japanese Industrial Production

The Industrial Production released by the Ministry of Economy, Trade and Industry measures outputs of the Japanese factories and mines. Changes in industrial production are widely followed as a major indicator of strength in the manufacturing sector. A high reading is seen as bullish for the JPY, whereas a low reading is seen as bearish.