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Official data released on Thursday showed that Japan’s industrial production growth in April was far less than market expectations, exacerbating concerns about Japan’s economic outlook. The Japanese economy shrank in the first quarter.

Data showed that industrial production in April only rose by 0.3% from the previous month, well below the projected median growth of 1.2%, and worse than the increase of 1.4% in March.

The slowdown in industrial production growth was mainly due to a 5.6% drop in the production of electronic components, and the increase in inventory for the third consecutive month added to the concern that overseas demand has weakened.

As companies focus on reducing unsold merchandise inventories, it is expected that industrial production may experience further weakness. This suggests that Japan’s economic performance has peaked last year, and this year's growth will be more moderate.

“Production is slowing down overall because companies with high inventory are cutting output,” said Asuka Sakamoto, an analyst at Mizuho General Research Institute.

"Production will decline in the coming months, but I estimate consumer spending will rebound in the second quarter, which should provide support for economic growth. I am not worried about a recession."

A number of manufacturers surveyed by the Ministry of Economy, Trade and Industry estimated that industrial production in May would increase by 0.3% from the previous month, and in June it would decline by 0.8%.


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