Japan's industrial production edges up in February, car output rebounds

Japan's industrial output edged slightly higher in February from a month earlier, inching up 0.1 percent to mark the first rise in three months, the government said in a report on Thursday.

According to the Ministry of Economy, Trade and Industry (METI), production at factories and mines stood at 95.8 against the 2015 base of 100, on a seasonally adjusted basis, following an upwardly revised 0.8 percent decline in January.

The ministry maintained its basic assessment from the previous month that industrial production is "showing signs of picking up," and noted that production of automobiles had bounced back from a virus-linked supply chain disruption.

The ministry said in its preliminary report that production in the auto industry climbed 10.9 percent from a month earlier, following a 17.3 percent plunge, as the rampant spread in nationwide infections of the Omicron variant of the COVID-19 pandemic forced some plants and parts factories to temporarily shutter operations.

Output of transport equipment including railway cars and aircraft engine parts jumped 7.9 percent, while that of chemical products slumped 9.6 percent in the reporting period, the ministry said.

The index of industrial shipments, meanwhile, decreased 1.3 percent to 92.7 in the recording period, while that of inventories gained 1.9 percent at 101.3, the ministry said

The ministry also said in the months to come, it predicts industrial production to continue an uptrend, expanding 3.6 percent in March and 9.6 percent in April, with the figures based on the ministry's survey of manufacturers.