FXStreet (Delhi) – Research Team at BBH, notes that the Japanese November industrial output fell 1.0%, twice what the consensus expected. Key Quotes “It was the first decline in three-months. However, due to base effect, the year-over-year rate improved to 1.6% from -1.4% in October. The increase in the inventory ratio (2.9%) reflected a decline in shipments and an increase in inventories, which will have to run down later. Retail sales fell 2.5% in November. The Bloomberg consensus was for a 1.4% decline. The year-over-year pace fell to 1.0% from 1.8%. The data raises concern that the economy has yet to find traction even though the initial contraction in Q3 (after a decline in Q2) was revised away due to a pickup in capex.” For more information, read our latest forex news.