TOKYO: Japan’s crude steel output in July rose for a fourth month in a row as steelmakers increased production to meet export demand, gaining again over a period last year when high inventories and slow domestic demand had forced Japanese mills to trim output.
July crude steel output climbed 0.5 per cent from a year ago to 8.89 million tonnes, the Japan Iron and Steel Federation said on Tuesday. Output, which is not seasonally-adjusted, increased 1.3 per cent from June. The increase comes despite a series of weak economic signals that have raised doubts about Japanese Prime Minister Shinzo Abe’s efforts to reignite growth and end decades of deflation.
Japanese manufacturers’ mood soured in August to its lowest since 2013, a year the central bank embarked on aggressive monetary easing to fight a stagnant economy, a Reuters poll showed last week. The results of the Reuters Tankan survey highlight the continuing weakness of an economy facing declining exports and sluggish consumer spending.
