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Industrial production expands modestly in December

Industrial production expanded 0.5% in December compared to the previous month in seasonally-adjusted terms, below November’s 1.5% reading. December’s figure overshot analysts’ expectations of a 0.3% rise.

According to the Ministry of Economy, Trade and Industry, December’s growth in industrial production was driven by the transport equipment, chemicals and electronic parts and devices subsectors, while information and communication electronics equipment and general-purpose, production and business-oriented machinery subsectors subtracted from growth.

On an annual basis, industrial output rose 3.0% in December, below November’s 4.6% increase. The annual average variation in industrial production was minus 0.2% in December, up from the minus 0.7% registered in November.

The Survey of Production Forecast showed that manufacturers are becoming more optimistic. They now expect industrial output to have recorded a 3.0% month-on-month increase in January, ahead of the 2.2% growth forecast in the previous month’s survey. Manufacturers expect a more modest 0.8% rise in February.

FocusEconomics Consensus Forecast panelists see industrial production rising 2.1% in 2017, which is up 0.3 percentage points from the previous month’s forecast. For 2018, the panel expects industrial production to expand 1.3%.

Japan - Industry Data

2011  2012  2013  2014  2015  
Industrial Production (annual variation in %)-2.6  0.2  -0.6  2.1  -0.9  

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Japan Industry
Note: Annual variation of industrial production in %.
Source: Ministry of Economy, Trade and Industry and FocusEconomics calculations.

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ValueChangeDate
Bond Yield0.104.40 %Feb 16
Exchange Rate113.2-0.81 %Feb 16
Stock Market19,348-0.47 %Feb 16

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