Industrial Production m/m (JPY) comes in at 1.9% against 1.3% consensus

Japan’s Industrial Production month over month registered a 1.9% increase. This figure came in above the consensus expectation of 1.3%. The actual print represents a 46.2% surprise relative to the consensus. The previous month’s reading was 1.3%.

Following the release, the Japanese Yen showed a general weakening against major pairs in the initial 15 minutes. AUDJPY moved -3.0 pips, CADJPY moved -2.0 pips, CHFJPY moved -3.1 pips, EURJPY moved -4.0 pips, GBPJPY moved -4.2 pips, NZDJPY moved -1.9 pips, and USDJPY moved -3.2 pips. These observed movements are relatively small when compared to the median 1-hour moves typically seen after past releases of this event. For instance, AUDJPY’s median 1-hour move is 7 pips, CADJPY’s is 5 pips, CHFJPY’s is 6 pips, EURJPY’s is 7 pips, GBPJPY’s is 7 pips, NZDJPY’s is 5 pips, and USDJPY’s is 5 pips.