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"We need to make efforts to minimize the cost. One of the easiest and straightforward ways to do that is to accelerate localization."

Authorities should be preparing to avert a potential future collapse in demand for Treasuries resulting from long-running concerns over the federal debt load, which would have "vicious" effects.

Manufacturing output, which accounts for three-fourths of total industrial production, slipped 0.1% after a stronger advance in February than initially reported.

"Even though we've seen RTO efforts and some high-profile remote-work rollbacks, most workers say they haven't been brought back into the office full time."

However, the cost of processed goods for intermediate demand rose by the most in nearly four years, boosted by rising energy and food costs.

The highest monthly increase in nearly 4 years can largely be attributed to soaring gas prices resulting from the war in Iran.