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Financial News: Japan Industrial Production Gains 2.2% On Month In

Japan Industrial Production Gains 2.2% On Month In March

04/29/2021 - 20:20:00 (RTTNews)

(RTTNews) - Industrial output in Japan climbed a seasonally adjusted 2.2 percent on month in March, the Ministry of Economy, Trade and Industry said on Friday.

That exceeded expectations for a decline of 2.0 percent following the 1.3 percent decline in February.

On a yearly basis, industrial production advanced 4.0 percent - again exceeding forecasts for an increase of 1.0 percent following the 2.0 percent contraction in the previous month.

Upon the release of the data, the METI upgraded its assessment of industrial production, saying that it is picking up.

Industries that contributed to the increase in production included motor vehicles, chemicals and plastic products. This was offset by weakness from electrical machinery, business-oriented machinery and production machinery.

Shipments were up 0.8 percent on month and 3.9 percent on year, while inventories rose 0.1 percent on month and tumbled 10.1 percent on year. The inventory ratio sank 0.8 percent on month and 12.3 percent on year.

Industries that contributed to the increase in shipments included motor vehicles, chemicals and iron. These were offset by weakness from electrical machinery, business-oriented machinery and production machinery.

Industries that contributed to the increase in inventories included motor vehicles, business-oriented machinery and iron. These were offset by weakness from electrical machinery, communications electronics machinery and production machinery.

According to the METI's forecast of industrial production, output is expected to rise 8.4 percent in April and then sink 4.3 percent in May.

Industries expected to contribute to the increase in April include production machinery, electronics equipment and electronic parts.

Industries expected to contribute to the decrease in May include transport equipment and production machinery.

Also on Friday:

. The Ministry of Communications and Internal Affairs said that overall consumer prices in the Tokyo region of Japan were down a seasonally adjusted 0.4 percent on month in April. On a yearly basis, overall inflation tumbled 0.6 percent.

Individually, prices were down on year for food, fuel, medical care and transportation. Prices were up for housing, furniture, clothing, education and recreation.

Core CPI, which excludes volatile food prices, was also down a seasonally adjusted 0.4 percent on month and fell 0.2 percent on year.

. The jobless rate in Japan came in at a seasonally adjusted 2.6 percent in March, the Ministry of Communications and Internal Affairs said. That was shy of expectations for 2.9 percent, which would have been unchanged from the February reading.

The job-to-applicant ratio was 1.10, exceeding forecasts for 1.09 - which would have been unchanged. The participation rate was steady at 61.9 percent.

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