Japanese industrial production fell -1.1% MoM in April, revised down from the first estimate of -0.9% MoM.

• Shipments edged up 0.1% MoM, slightly less than the first estimate of 0.2% MoM.
• The decline in inventories was -0.8% MoM, more than the -0.5% MoM decline in the preliminary report.
• Instead of the inventory ratio rising 0.2% MoM in the first estimate, the final report showed it falling -0.6% MoM.
• Total production capacity continues to decline, dropping -0.4% MoM and -2.1% YoY.
• Capacity utilization increased 1.2% MoM and 2.4% YoY in April after declining in the last two months.