Japanese Industrial Production Tops Forecast

Bloomberg:

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