Japanese industrial activity picked up slightly in March after plummeting the previous month. This is what the Japanese Ministry of International Trade and Industry (METI) estimates, which today published the preliminary data.
According to forecasts, the seasonally adjusted industrial production index rose by 0,3% to 101,8 points, after -2,3% the previous month. The figure was slightly lower than the 0,5% cosinus. On an annual basis, production is expected to increase by 7%. In the same period, deliveries are expected to decrease by 1,2% compared to the previous month, while inventories should register a positive change of 1,8%. The inventory ratio is 2,6.
The slowdown in exports weighs on production, while Japanese companies expect a new 1,4% drop in output in April and a small increase of 0,1% in May, according to a survey included in the report.
The not entirely exciting manufacturing prospects are also confirmed by the Japanese PMI manufacturing index, which slips into the contraction zone for the first time in a year, settling in April at 49,4 points from the previous 53,9.
