Japan’s industrial production growth in February was revised down slightly from 2.5% MoM in the initial estimate to 2.3% MoM.

• Total shipment growth was unrevised at 3.0% MoM, and the change in inventories was unrevised at -1.7% MoM.
• The operating ratio (proxy for capacity utilization) fell -1.1% MoM but was up 1.3% YoY (down from 4.3% YoY previously).
• Total production capacity has fallen or been unchanged in each of the last four months and is down -2.2% YoY, the weakest in over two years.