TOKYO : Japan's factory output posted the biggest monthly drop in two years in May as China's COVID-19 lockdowns and semiconductor and other parts shortages hit manufacturers, adding to worrying signs for an economy struggling to mount a strong recovery.
Factory output slumped a seasonally adjusted 7.2 per cent in May from the previous month, official data showed on Thursday, as production of items such as cars as well as electrical and general-purpose machinery dropped sharply. "The plunge in industrial output in May suggests that Japan's recovery is disappointing yet again," said Marcel Thieliant, senior Japan economist at Capital Economics.
The data comes a day after Toyota Motor Corp, the world's largest automaker by sales, said it missed its already downgraded global production target for May.
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