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Japan's industrial output in surprise gain

(Agencies)
Updated: 2009-04-30 11:51

TOKYO -- Japan's industrial output rose for the first time in six months in March, the government said Thursday, offering a strong sign that the country's factories are coming back to life.

Related readings: Japan economy shrinks at fastest pace in 35 years Japan economy seen shrinking at 10% in 4Q Obama: US economy shows glimmers of hope US economy dips at slightly faster 6.3% pace

Industrial production rose 1.6 percent in March from the previous month, beating an average market forecast for a 0.9 percent uptick in a survey of economists by Kyodo news agency.

The Ministry of Economy, Trade and Industry credits improvements among electronic parts firms and general machinery makers for the increase. It upgraded its assessment of industrial production to "sluggish" from "drops steeply."

The figure represents a marked turnaround from February's 9.4 percent plunge and January's record 10.2 percent tumble, suggesting that a recovery has emerged for a key part of the world's second-largest economy.

Japan has said its factory output rebounded for the first time in six months in March, adding to hopes that the country's worst recession since World War II may be easing.[Agencies]

Japan, which had relied on foreign sales of its cars and electronic gadgets to drive economic growth, has been mired in its deepest recession since the end of World War II as consumers and companies around the world slash spending.

The country's economy is likely to shrink 3.3 percent this fiscal year through March 2010, the Cabinet said earlier this week.

In response, major exporters including Toyota Motor Corp and Sony Corp have moved quickly to adjust by reducing shifts, suspending factory lines and announcing thousands of job cuts over the past few months. Their strategy may now be paying off as they move to replenish slimming stockpiles.

Inventory dropped 3.3 percent in March in the third consecutive month of fall, the ministry said. Manufacturers' shipments grew 1.4 percent.

The outlook appears even better. The government predicts industrial production to rise 4.3 percent this month and climb 6.1 percent in May.

Recent data also point to optimism ahead. The severe slump in Japan's exports eased slightly in March from a year earlier. Month-on-month figures showed that exports even managed a 2 percent rise, the first climb in nearly a year.

On Monday, Prime Minister Taro Aso's Cabinet submitted a massive supplementary budget to finance a new stimulus package. The proposal calls for a record 15 trillion yen ($155 billion) in government spending, equivalent to about 3 percent of Japan's gross domestic product.