Japan's industrial production fell more than expected in February, fuelling concerns of a drop in consumer spending and tepid inflation. Output fell 3.4 percent from January's 3.7 percent, far worse than expected. This is according to Japan's trade ministry.
The data is the weakest since June last year due to a sluggish recovery from a recession last year. Export demand was weak due to holidays in many parts of Asia in February, further reducing production.
Consumer price excluding fresh food were flat in February, dragged by falling oil prices. Household spending was also waning for the 11th month straight.