Feb 28, 2005

Japanese Industrial Production Tops Forecast


The yen rose in Asia, the biggest fluctuation of any major currency market today, after Japan's government said industrial production grew more than forecast, helping the world's second-largest economy recover from recession.

The biggest increase in production since April and a separate report showing the first gain in retail sales in three months helped the yen rise the most of 16 other most-traded currencies today. The yen is up 4.2 percent against the dollar in the last six months as overseas investors put money into Japanese stocks.

The reports ``are further confirmation that the economy has bottomed out and is recovering,'' said Naomi Fink, a currency strategist in Tokyo at BNP Paribas SA

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