2019.06.2720:45:00UTC+00Japan Industrial Production Spikes 2.3% In May

Industrial output in Japan climbed a seasonally adjusted 2.3 percent on month in May, the Ministry of Economy, Trade and Industry said in Friday's preliminary reading.

That beat forecasts for an increase of 0.7 percent following the 0.6 percent gain in April.

On a yearly basis, industrial production sank 1.8 percent - also exceeding forecasts for a decline of 2.9 percent following the 1.1 percent drop in the previous month.

Upon the release of the data, the ministry maintained its assessment of industrial production, saying that it continues to fluctuate indecisively.

Industries that contributed to the increase included motor vehicles, electrical machinery and production machinery. Industries that declined were transport equipment and other manufacturing.

Shipments were up 1.6 percent on month and down 1.5 percent on year.

Industries that contributed to the increase included motor vehicles, electrical machinery and production machinery. Industries that declined were transport equipment and chemicals.

Inventories were up 0.6 percent on month and 1.6 percent on year.

Industries that contributed to the increase included chemicals, motor vehicles and iron and steel. Industries that declined included electrical machinery, electronic parts and plastic products.

According to the METI's production forecast, industrial output is expected to sink 1.2 percent on month in June and add 0.3 percent in July.

Also on Friday: . Overall inflation in the Tokyo region was up 1.1 percent on year in June, the Ministry of Internal Affairs and Communications said - unchanged from the May reading, although it exceeded forecasts for 1.0 percent.

Core CPI, which excludes volatile food prices, advanced an annual 0.9 percent - shy of expectations for 1.0 percent and down from 1.1 percent in the previous month.

On a monthly basis, overall consumer prices were up a seasonally adjusted 0.1percent and core CPI was flat.

. The jobless rate in Japan came in at a seasonally adjusted 2.4 percent in May, the Ministry of Internal Affairs and Communications said - in line with expectations and unchanged from the previous month.

The job-to-applicant ratio was 1.62, shy of expectations for 1.63 - which would have been unchanged from the April reading.

The number of employed persons in May was 67.32 million, an increase of 340,000 or 0.5 percent on year. The labor force participation rate was 62.5 percent.