Japan Industrial Output Climbs 0.8% In March

(RTTNews) - Industrial output in Japan rose 0.8 percent on month in March, the Ministry of Economy, Trade and Industry said on Friday.

That topped forecasts for an increase of 0.5 percent following the 4,6 percent spike in February.

On a yearly basis, industrial output sank 0.7 percent - roughly in line with expectations after shedding 0.5 percent in the previous month.

Upon the release of the data, the METI upgraded its assessment of industrial production, saying that it is showing signs of increasing at a moderate pace.

Industries that support production included motor vehicles, production machinery and chemicals. These were offset by declines among electronic parts and devices, business-oriented machinery and inorganic chemicals.

Shipments were up 0.4 percent on month and down 0.2 percent on year in March, while inventories added 0.6 percent on month and 3.2 percent on year. The inventory ratio was up 2.1 percent on month and 7.9 percent on year.

According to the METI's forecast of industrial production, output is expected to rise 4.1 percent on month in April and fall 2.0 percent in May.

Also on Friday: • The Ministry of Economy, Trade and Industry said that the total value of retail sales in Japan was up 7.2 percent on year in March- coming in at 14.567 trillion yen. That exceeded expectations for an increase of 5.8 percent following the 7.3 percent gain in February.

On a seasonally adjusted monthly basis, retail sales added 0.6 percent - slowing from 2.1 percent in the previous month.

For the first quarter of 2023, retail sales gained 2.6 percent on quarter and 6.5 percent on year at 39.781 trillion yen. • The Ministry of Internal Affairs and Communications said that the jobless rate in Japan came in at a seasonally adjusted 2.8 percent in March. That was well above forecasts for an increase of 2.5 percent and up from 2.6 percent in February.

The jobs-to-applicant ratio came in at 1.32, missing expectations for 1.34, which would have been unchanged from the previous month.

The participation rate was 62.6 percent, beating forecasts for 62.4 percent and up from 62.1 percent a month earlier. • The Ministry of Internal Affairs and Communications said that overall consumer prices in the Tokyo region of Japan were up 3.5 percent on year in April. That exceeded expectations for an increase of 3.1 percent and was up from 3.3 percent in March.

Core CPI, which excludes the volatile prices of food, also rose an annual 3.5 percent. That topped forecasts for an increase of 3.2 percent, which would have been unchanged from the previous month.