Japanese industrial production increased 0.2% MoM and 1.0% YoY in March, revised up from the first estimate of a -1.1% MoM and -0.3% YoY decline.

• Shipments fell -1.8% MoM and -0.3% YoY, revised up from the initial estimate of -2.8% MoM and -1.3% YoY.
• Inventories increased 1.2% MoM but were still down -0.7% YoY.
• The inventory-sales ratio jumped 4.4% MoM and was up 0.6% YoY.
• Capacity utilization fell -2.4% MoM in March, the largest drop since August 2024, but because there was a large increase in January, Q1 2025 utilization was up 2.3% QoQ.