In March this year, Japan’s industrial production grew by 1.1 percent compared to the previous month and fell by 0.6 percent compared to the same month in 2022, according to the preliminary indices of the Industrial Production report published by Japan's Ministry of Economy, Trade and Industry (METI).
On the other hand, in March the Japanese iron and steel production index decreased by 5.4 percent year on year, while Japan’s seasonally adjusted iron and steel production index rose by 0.1 percent in the given month compared to February. Meanwhile, in March Japanese producers’ iron and steel shipments moved down by 0.1 percent and iron and steel inventories rose by one percent, both compared to the previous month.
According to the ministry’s Survey of Production Forecast in Manufacturing, Japanese industrial production is expected to increase by 4.1 percent in April and drop by two percent in May, both on month-on-month basis. Meanwhile, Japanese iron and steel production is expected to fall by 4.2 percent in April and advance by 7.3 percent in May, month on month.