Japan's Ministry of Economy, Trade and Industry released its preliminary industrial production data on late Sunday evening. Preliminary industrial production in Japan climbed 3.7% in January, exceeding expectations for a 3.3% gain, after a 1.7% fall in December.

The rise was mainly driven by increases in general-purpose, production and business oriented machinery, transport equipment and electronic parts and devices.

According to a survey by the ministry, industrial production is expected to drop 5.2% in February, and to rise 3.1% in March.

On a yearly basis, Japan's industrial production was down 3.8% in January, after a 1.9% decrease in December.