Japan’s industrial output up 1%

Japan’s industrial production climbed a seasonally adjusted 1% in January from the previous month for the second consecutive month of rise, the government said Thursday. The figure, which was below the 1.5 % increase predicted by analysts cited by the Nikkei business daily, followed a 2.4% rise in December. The Ministry of Economy, Trade and Industry upgraded its basic assessment for the second consecutive month, saying industrial output “has bottomed out and shows some signs of picking up.” Transport equipment, iron and steel, and information and communication electronics equipment industries contributed to the bulk of the increase, the ministry said in a preliminary report. The index of production at factories and mines stood at 89.7 against a baseline of 100 for 2005, the ministry said. Manufacturers surveyed by the ministry expected industrial production to jump 5.3 % in February and edge up 0.3 % in March, the ministry said. The ministry reported that the index of industrial shipments inched up 0.1 % in January from the previous month to 90.4, and that of industrial inventories was down 0.5 % to 104.6