Industrial production in Japan dipped 0.3 percent on month in March, the Ministry of Economy, Trade and Industry said on Thursday – contracting for the second straight month.
However, the headline figure beat expectations for a decline of 2.3 percent following the 3.1 percent contraction in February.
On a yearly basis, industrial production shed 1.2 percent – also topping forecasts for a decline of 3.4 percent following the 2.0 percent fall in the previous month.
Upon the release of the data, the METI maintained its assessment of industrial production, saying that it shows signs of increase at a moderate pace.
Industries that mainly contributed to the monthly decline include electrical machinery, petroleum and coal products, and fabricated metals.
According to the survey of production forecast in manufacturing, production is expected to rise 2.1 percent in April and fall 0.3 percent in May.
Industries that mainly contributed to the increase in April included business oriented machinery, electrical machinery and electronic parts.
Industries that mainly contributed to the decrease in May included transport equipment, chemicals and fabricated metals.
Shipments in March fell 0.3 percent on month, falling for the second straight month. They were also down 1.9 percent on year.
Industries that mainly contributed to the decline included electronic parts, iron and steel, and petroleum and coal products.
Inventories in March added 0.3 percent on month, rising for the second straight month. They were also up 6.1 percent on year.
Industries that mainly contributed to the increase included business oriented machinery, chemicals and iron and steel.
The inventory ratio in March climbed 0.4 percent on month, rising for the second straight month. It showed an increase of 8.1 percent on year.
The material has been provided by InstaForex Company – www.instaforex.com