Japanese industrial output fell by 15.3% last month – the largest ever fall as disruptions in the supply chain brought the countrys car industry to a halt.
The previous record was an 8.6% fall in February 2009 – at the time of the global financial crisis – and was far worse than forecasts of an 11% decline.
The figures come as the Bank of Japan left its interest rates unchanged in a bid to boost growth.
The bank has kept the cost of borrowing at a historic low of between zero to 0.1% as the country struggles to recover from the aftermath of the devastation caused by last months earthquake and tsunami.
In related news, Standard Poor’s yesterday downgraded its outlook on Japan’s sovereign debt after suggesting reconstruction costs could pass the $600 billion mark.
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