Japan August industrial output falls 2.4% m/m, revised down from -1.7%

The downward revision matters less for the headline number than for what it says about the data itself: the first estimate understated the contraction, which is exactly the kind of miss that complicates any read on whether weakness is stabilizing or broadening. Machinery and transport equipment output are the usual swing factors behind Japanese factory swings, so the composition of the revision is worth watching as much as the aggregate. Whether this is a one-month distortion or the start of a softer trend in Japan's industrial cycle is the open question.