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Japan Industrial production October 2020

Japan: Industrial output growth loses pace in October

Industrial production increased 3.8% month-on-month in seasonally-adjusted terms in October (September: +3.9% mom).

On an annual basis, industrial output decreased 3.2% in October, a less pronounced decline than September’s 9.0% fall and marking the best result since January. Moreover, the trend improved, with the annual average variation of industrial production coming in at minus 10.5% in October, up from September’s minus 10.9%.

Regarding the outlook, Hiromichi Shirakawa and Takashi Shiono, economists at Credit Suisse, commented:

“We believe that the phase of “rebounding” is coming to an end relatively soon, as a temporary stimulus from fiscal spending is fading while momentum in exports is likely to turn negative in the winter amid the resurgence of Covid-19 in Europe and the US. Indeed, the METI projection survey as of October projected a slowdown in momentum in November (+0.4%). Hence, we continue to expect a slowdown in qoq growth in industrial production in 4Q 2020.”

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