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Japan's industrial production continues to suffer Japan's factory production shows first sign of recovery
(40 minutes later)
Japan's industrial output continues to be battered by the after effects of the earthquake and tsunami.Japan's industrial output continues to be battered by the after effects of the earthquake and tsunami.
Factory output was down by 14.0% in April compared with the same month a year ago, the latest government data shows. However, the latest government figures indicate that manufacturing is showing its first signs of recovery.
This follows a record 15.3% plunge in March. Factory output rose by 1% in April from the previous month as companies worked towards dealing with problems in supply chain disruption.
However compared with the previous month, industrial production rose by 1%, indicating that conditions may be improving slowly. On an annual basis, output dipped by 14% in April.
Japanese manufacturers have been hit hard by disruption to the country's supply chain due the destruction caused by the 11 March earthquake and tsunami. Analysts say the latest figures indicate that things are improving for the manufacturers.
A shortfall in the supply of parts and power cuts has seen many factories suspend or curb production. "From May a V-shaped recovery may start and it may keep rising through July and August," said Kyohei Morita of Barclays Capital.
Yoshimasa Maruyama of Itochu Economic Research Institute added that given the speed of recovery Japanese industrial output could return to normal levels faster than expected.
"If we continue at this pace I think we will return to pre-quake production levels by about August or September," he said.
'Biggest factor''Biggest factor'
One of the hardest hit sectors has been Japanese car manufacturing.One of the hardest hit sectors has been Japanese car manufacturing.
Carmakers usually do not stockpile a large inventory of parts, so when the earthquake and tsunami damaged supply chains, car makers in Japan had to suspend production.Carmakers usually do not stockpile a large inventory of parts, so when the earthquake and tsunami damaged supply chains, car makers in Japan had to suspend production.
Earlier this week Toyota Motors said production at its Japanese factories was down by 74.5% in April compared to last year.Earlier this week Toyota Motors said production at its Japanese factories was down by 74.5% in April compared to last year.
Honda reported a decline of 81%, while Nissan said its domestic factories produced 48.7% fewer cars in April.Honda reported a decline of 81%, while Nissan said its domestic factories produced 48.7% fewer cars in April.
Analysts say a rebound in car manufacturing is key for Japan's factory output to get back to pre-quake levels. Analysts said a rebound in car manufacturing is key for Japan's factory output to get back to pre-quake levels.
"The forecasts are for big rises (in industrial output) in May and June," said Yoshimasa Maruyama of Itochu Economic Research Institute. "The forecasts are for big rises (in industrial output) in May and June," Mr Maruyama said.
"The biggest factor here is the auto industry. It's factoring in a greatly improved outlook for car production," he added."The biggest factor here is the auto industry. It's factoring in a greatly improved outlook for car production," he added.