Japan factory output up 0.5pc in May

Japan's factory output rose a smaller-than-expected 0.5 per cent in May from a month earlier after a 2.8-per cent fall in April, data showed on Monday. The reading fell short of market expectations for a rise of 0.9 per cent. "Industrial production appears to be flat," the ministry of economy, trade and industry said in a monthly report, leaving the overall assessment unchanged from its April report. A survey of manufacturers released with the data showed they expect factory production to fall by 0.7 per cent on-month in June before turning up 1.5 per cent in July, according to a news agency.