US Import Prices Rise the Most in Four Years

Industrial production in Japan increased more than forecasted in April, data from the Ministry of Economy, Trade and Industry showed on Tuesday. Industrial production edged higher, rising 0.50% in April, which was more than the preliminary estimates of 0.30%. Analysts were looking for an increase to 0.40%. Despite the modest revision to industrial production, it was still lower than the 3.80% increase seen in March. Shipments numbers were revised higher to 1.60% from 1.50% but inventories fell -1.70% on the month. On an annualized basis, Japan's industrial production is down -3.30% in April, slightly better than the previous estimates of -3.50%.

Retail sales for the month of May were higher than forecasts, rising 0.50% on a month over month basis in May, while rising 0.40% on the core. Analysts expected to see retail sales to slowdown 0.30% on the headline and the core. Excluding autos, retail sales increased 0.40%. There were no revisions to the previous month's data which sent the US dollar higher. US retail sales now post a second consecutive month of gains pointing to a strong start in the second quarter. The gains in retails sales came with a 1.30% increase in non-store sales including online purchases, which is now 12.20% higher on the year.