Japan Industry


Industrial production expands again in October

In October, industrial production rose 0.5% over the previous month in seasonally-adjusted terms. The expansion was below the 1.5% increase recorded in September and undershot the 2.0% rise that markets had expected.

According to the Ministry of Economy, Trade and Industry, the sectors with the greatest contribution to the monthly increase were general-purpose, production and business oriented machinery, as well as electrical machinery. The government maintained its general assessment, stating that Japan's industrial production is "picking up."

On an annual basis, industrial output expanded 4.7% in October, which followed the 5.1% rise observed in September. Annual average growth in industrial production rose from minus 3.7% in September to minus 2.9% in October, marking the highest level in eight months.

Meanwhile, the Survey of Production Forecast showed that manufacturers are becoming more optimistic. They now expect industrial output to have recorded a month-on-month 0.9% increase in November, which contrasts the 1.2% drop that was forecast in the previous month's survey. Manufacturers expect a 2.1% increase in December.

FocusEconomics Consensus Forecast panelists see industrial production declining 0.6% in 2013, which is down 0.2 percentage points over the previous month's projection. In 2014, the panel expects industrial production to rise 4.6%, which is up 0.5 percentage points from last month's estimate.

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Japan Industry Chart

Japan Industry October 2013

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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