Industrial production in Japan increased less than initially estimated in October, the Ministry of Economy, Trade, and Industry said on Friday.

Industrial production rose a seasonally adjusted 2.8 percent month-on-month in October, faster than the 1.6 percent rebound in September. In the flash report, the rate of growth was 3.0 percent.

On a yearly basis, industrial production recovered 1.4 percent from a 2.6 percent fall a month ago.

Shipments were up 2.6 percent monthly and rose 0.2 percent compared to last year, while inventories remained flat over the month and decreased 1.3 percent from last year. The inventory ratio showed a monthly decline of 0.9 percent.

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