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Financial News: Japan Industrial Production Drops 2.1% In February

Japan Industrial Production Drops 2.1% In February

03/30/2021 - 20:25:00 (RTTNews)

(RTTNews) - Industrial output in Japan fell a seasonally adjusted 2.1 percent on month in February, the Ministry of Economy, Trade and Industry said on Wednesday.

That was shy of expectations for a fall of 1.2 percent following the 4.3 percent jump in January.

On a yearly basis, industrial production shed 2.6 percent - roughly in line with expectations - after sinking 5.2 percent in the previous month.

Upon the release of the data, the METI maintained its assessment of industrial production, saying that it continues to pick up.

Industries that contributed to the decline included motor vehicles, electrical machinery and chemicals, while production machinery and transport equipment were up.

Shipments were down 1.5 percent on month and 3.5 percent on year thanks to declines among motor vehicles, electrical machinery and other manufacturing.

Inventories were down 1.0 percent on month and 9.6 percent on year thanks to declines among motor vehicles, chemicals and electronic parts.

The inventory ratio was up 1.0 percent on month and down 4.8 percent on year.

According to the METI's forecast for industrial production, output is expected to have fallen 1.9 percent in March but then spike 9.3 percent in April.

Industries contributing to the decline in March include production machinery, business-oriented machinery and electrical machinery.

Industries contributing to the jump in April include production machinery, electrical machinery and business-oriented machinery.

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