Japan's Nishimura says Industrial Production is in severe condition

Japan's economy minister Yasutoshi Nishimura said a few minutes before press time that the country's industrial production is in severe condition, particularly the auto sector. 

Industrial production fell 9.1% from March, dropping for a third month led by falls in auto and steel output, according to Bloomberg. Meanwhile, automobile production fell in April at its fastest rate since 2013. 

Nishimura, however, is hopeful of recovery as China, one of Japan's biggest markets looks to be returning to normalcy. The economic activity in the world's second largest economy slowed down sharply in the first quarter due to the coronavirus outbreak.