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Financial News: Japan Industrial Output Drops 3.7% In March

Japan Industrial Output Drops 3.7% In March

04/29/2020 - 20:45:00 (RTTNews)

(RTTNews) - Industrial production in Japan fell a seasonally adjusted 3.7 percent on month in March, the Ministry of Economy, Trade and Industry said on Thursday.

That beat expectations for a drop of 5.2 percent following the 0.3 percent fall in February.

On a yearly basis, industrial production was down 5.2 percent - again beating forecasts for a decline of 6.1 percent following the 5.7 percent gain in the previous month.

Upon the release of the data, the METI downgraded its assessment of industrial production to say that it is declining.

Shipments were down 5.0 percent on month and 5.7 percent on year, while inventories gained 1.9 percent on month and 2.9 percent on year. The inventory ration jumped 8.5 percent on month and 12.8 percent on year.

According to the METI's forecast for industrial production, output is expected to rise 1.4 percent on month in April and then fall 1.4 percent in May.

Also on Thursday, the METI said that retail sales in Japan were down 4.6 percent on year in March. That barely beat expectations for a decline of 4.7 percent following the downwardly revised 1.6 percent increase in February (originally 1.7 percent).

Sales from large retails plummeted an annual 10.1 percent, missing forecasts for a decline of 8.0 percent following the 0.2 percent increase in the previous month.

On a monthly basis, retail sales skidded 4.5 percent - in line with expectations following the upwardly revised 0.6 percent increase a month earlier (originally 0.2 percent).

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