Japan industrial output disappoints with 1.2% drop
LOS ANGELES (MarketWatch) -- Japan's industrial production fell 1.2% during July, for a drop of 1% from a year earlier, the Ministry of Economy, Trade and Industry said Friday. The result confounded expectations for a sharp rise of 1.8% month-on-month, according to a Dow Jones Newswires survey of economists. Drops in electronics parts and devices led the decline, followed by general machinery, the ministry said. A survey of production forecasts, released with the data, showed expectations that production would tick 0.1% higher in August, but then tumble 3.3% in September.