From The Wall Street Journal Online:
Japan's economy isn't on a solid recovery path yet, government data released yesterday show.
The all-industry activity index, a gauge of production, climbed 2.4% in January from the prior month to 104.2, the highest reading since 1988 -- as far back as the comparable data go, the Ministry of Economy, Trade and Industry said.
But a separate government survey showed that big Japanese companies grew less upbeat about the outlook for the economy during the first three months of this year, owing to high inventories and commodities prices.
The Bloomberg report included this commentary:
"Recent data indicate the economic outlook is less bullish'' in Japan, said [Uwe] Parpart, senior market strategist at the [Bank of America Corp.'s] Hong Kong office. The U.S. "is the opposite of Japan, and it is obviously yen bearish. We saw that played out today.''...
"The yen could well lose further ground against the dollar,'' said Michael Derks, chief global strategist in London at Commonwealth Bank of Australia. "It's a spluttering, very patchy recovery in Japan.''