Japan Industrial Production Unexpectedly Drops 1.5%

Japan’s industrial production fell unexpectedly in June and the unemployment rate climbed to a seven-month high, signaling the nation’s export-led recovery is losing momentum.

Factory output dropped 1.5 percent from May, when it gained 0.1 percent, the Trade Ministry said in Tokyo today. The median estimate of 26 economists surveyed by Bloomberg News was for a 0.2 percent increase. The jobless rate rose to 5.3 percent, the highest level since November, the statistics bureau said.