Industrial production in Japan last month rose 5.9% from April's figure, which itself was the sharpest increase since 1953, the Trade Ministry reported. Output has risen for three consecutive months, and manufacturers predicted further increases this month and in July. "Today's data suggest companies are clearing inventories steadily, and now the biggest focus is shifting to what happens after the inventory adjustment is completed," said Hiroaki Muto, a senior economist at Sumitomo Mitsui Asset Management.

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