Today's data were mixed, with weak industrial production and housing starts offset by better news from the manufacturing PMI and the labour market. However, all have been somewhat overshadowed by the Social Democratic Party's decision to quit the governing coalition. This emphasises the difficulties faced by the ruling Democratic Party of Japan in its attempts to deliver the credible fiscal plan that the markets will want ahead of July's Upper House elections. Industrial production rose by 1.3% m/m in April
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