Japanese industrial production fell -1.1% MoM (vs -1.0% MoM expected) but was still up 2.6% YoY in February.

• Shipments also declined, down -1.5% MoM but were up 2.0% YoY.
• With the decline in shipments, inventories grew 0.9% MoM and 0.5% YoY.
• The survey forecasts a 5.0% MoM bounce in February and a -2.0% MoM drop in March after that.