Japan July industrial output rises 3.9% y/y, revised down from 4.1%

A downward revision to industrial output is a reminder that Japan's factory recovery is being measured with a lag, and that preliminary prints can overstate momentum. The revision matters less for the headline level than for what it implies about the durability of the export-driven production cycle that underpins demand for industrial metals and other real-economy commodities. Whether subsequent months confirm a softer trend or the preliminary figure proves the outlier is the open question.