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(RTTNews) – Industrial production in Japan was up a seasonally adjusted 2.7 percent on month in June, the Ministry of Economy, Trade and Industry said on Friday.

That beat forecasts for a gain of 1.2 percent following the 8.9 percent decline in May.

On a yearly basis, industrial production sank 17.7 percent – again beating forecasts for a fall of 20 percent following the 26.3 percent contraction in the previous month.

Upon the release of the data, the METI upgraded its assessment of industrial production, saying that it has bottomed out and shows signs of picking up movement.