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.”