Japanese industrial production in January was confirmed to be down -1.1% MoM with a slightly softer annual rate of 2.2% YoY.

• Shipments were down -1.0% MoM, an adjustment from the initial estimate of -1.5% MoM.
• Inventories were up 1.5% MoM, an upward revision from the initial estimate of 0.9% MoM.
• Capacity utilization increased 4.5% MoM and 4.3% YoY as production capacity fell -0.3% MoM and -1.9% YoY, the largest annual decline in around two years.