Japan's Ministry of Economy, Trade and Industry released its preliminary industrial production data on late Tuesday evening. Preliminary industrial production in Japan dropped 6.2% in February, missing expectations for a 6.0% decline, after a 3.7% rise in January.

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

According to a survey by the ministry, industrial production is expected to increase 3.9% in March, and to rise 5.3% in April.

On a yearly basis, Japan's industrial production was down 1.5% in February, after a 3.8% decrease in January.