The most recent data on Japan have painted a dismal picture of economic conditions in May. Industrial production has fallen sharply as auto makers cut output in anticipation of the end of the auto-subsidy, while the manufacturing PMI has pointed to further falls in June. Even the fall in the unemployment rate is due to discouraged workers leaving the labour force rather than an increase in job creation. Overall, the results are consistent with the recovering petering out and anaemic growth in Q2.
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