According to the Monday-released statistics by the Japanese government, industrial production in the country increased 5.9 percent in May, vis-à-vis the month before figures - thereby marking the third monthly increase in a row!

Though the rise in industrial production fell short of the analysts' estimates of 6.9 percent, it was in line with the revised figures in April.

The data also revealed that the output figures in May resulted from an almost 25 percent increase in transportation equipment and a 10.5 percent climb in output of electronic components.

Both the automobile and the electric components sectors' companies, which had drastically cut the number of shifts workers in order to lower their inventory levels, have now started reversing the earlier trend. As such, the output of cars, mobile phones and electronic devices was predominantly robust in May.

However, economist Hirohi Watanabe, of the Institute of Research, said that the momentum would slow down in the coming months. Manufacturers have forecast a 3.1 percent rise industrial output in June and a 0.9 percent rise in July.

Nonetheless, commenting on the increased output figures for the month of May, Glenn Maguire, chief Asia-Pacific economist at Société Générale SA in Hong Kong, said: "We would stress that though the levels still look very bad, things are improving at a dramatic pace in Japan."