The Japanese yen held steady against its major counterparts on Monday morning in Asia after the Ministry of Economy, trade and Industry said today that industrial output in Japan plummeted by 9.4 percent in February. That was slightly worse than forecasts that called for a decline of 9.0 percent following the 10.2 percent decline in January. As of now, the yen is worth 98.10 against the dollar, 85.65 versus the franc and 130 per euro.

On an annual basis, industrial output dropped 38.4 percent versus forecasts of a 38.1 percent decline after the 31.0 percent retreat in the previous month, the report added. Japanese companies' forecast for industrial output is up 2.9 percent in March and up 3.1 percent in April.

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