Japan Industrial production September 2022

Japan

Japan: Industrial activity deteriorates in September

November 15, 2022

Industrial production decreased 1.7% month-on-month in seasonally-adjusted terms in September (August: +3.4% mom). September's notable weakening was largely due to a deterioration in manufacturing production. In addition, mining production fell.

On an annual basis, industrial production rose at a quicker rate of 9.6% in September (August: +5.8% yoy), the best result since July 2021. Moreover, the trend improved significantly, with the annual average variation of industrial production coming in at 0.2%, contrasting August's minus 0.8% reading.

ING’s Min Joo Kang commented:

“The near-term production outlook is cloudy as companies have cut their production plans for October, with a -0.4% drop in October compared to a 3.2% gain in the previous month.”

FocusEconomics Consensus Forecast panelists project industrial production to grow 2.6% in 2023, which is up 0.1 percentage points from last month, and 2.3% in 2024.


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Japan Industry September 2022

Note: Month-on-month changes of seasonally-adjusted industrial production and year-on-year growth rate in %.
Source: Ministry of Economy, Trade and Industry (METI) and FocusEconomics calculations.


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