TOKYO (MNI) – Japanese industrial production rose 1.2% in March
from the previous month, revised up sharply from the preliminary reading
of +0.3%, backed by demand for chemicals, electrical machinery and
passenger cars, data from the Ministry of Economy, Trade and Industry
released Wednesday showed.
Output posted the first month-on-month increase in two months after
falling 0.6% in February, which was the first drop in 12 months since
-8.6% in February 2009.
As a result of the sharp upward revision to the March data, the
industrial production in the first quarter of 2010 rose 7.0% from the
previous quarter, revised up from a preliminary 6.7% rise.
For the whole of fiscal 2009 that ended on March 31, output fell a
revised 8.9% (preliminary -9.0%), the second straight year-on-year drop,
after falling 12.7% in fiscal 2008 and rising 2.7% in fiscal 2007.
Production has continued to improve from the sharp plunge seen from
late 2008 through early 2009. It rose a record +4.6% m/m in May last
year.
Compared with the year before level, production jumped a revised
31.8% y/y (preliminary +30.7%) in March, following a 31.3% rise in
February and recovering from a record 38.6% drop in February 2009. The
6.4% rise in December 2009 was the first y/y gain in 15 months.
The production in the first quarter of 2010 rose a revised 27.5%
(preliminary +27.2%) from a year earlier, a reversal from the 4.3% drop
in the fourth quarter of 2009 and the 19.4% fall in the third quarter of
2009.
The latest data also showed that shipments rose 2.0% from the
previous month in March, revised up from the preliminary reading of
+1.6%.
Inventories fell an unrevised 1.6% month on month.
The inventory-to-shipments ratio fell 5.5%, revised down from
-5.2%.
The capacity utilization index was up 0.6% in March from a month
earlier to a seasonally adjusted 90.6 (vs. 100 = 2005 average) after
being flat in the previous month.
tokyo@marketnews.com
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