Japan's industrial production fell 1.2% on month in July, sharply worse than consensus for growth of 1.7% and the 0.4% increase in June. CPI excluding food fell 0.3% on year, prompting fears that Japan is a long way from escaping deflation. The figures add to slowing retail sales and exports, and the government downgrading its economic forecast. Still, at least unemployment was unchanged at 4.3%.
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