Japan's All Industry Activity index dropped 2% month-on-month in February, on a seasonally adjusted basis, following a 1.7% decline in January, the Ministry of Economy, Trade and Industry or METI said. The fall came in line with economists' expectations. Moreover, the index has declined for the fifth straight month in February.

Year-on-year, the activity index slipped 12.5% in February compared to an 8.9% drop in the previous month. On an annual basis, the index has fallen for the seventh consecutive month in February.

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