Japan Industrial production September 2020


Japan: Industrial output growth speeds up in September

October 30, 2020

Industrial output grew 4.0% month-on-month in seasonally-adjusted terms in September (August: +1.0% mom).

On an annual basis, industrial production fell 9.0% in September, a softer contraction than August’s 13.8% decline and marking the best result since March. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 10.9% in September, down from August's minus 10.0%.

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

“Looking beyond the 3Q, industrial production is foreseen to lose its steam somewhat unless final demand surges, as restocking during summer starts to impact. Moderation of export growth and peaking sales of domestic durables will weigh on production. […] The METI projection survey as of September hinted at another gain in industrial production in October, but at a slower pace (+1.4%).”

FocusEconomics panelists see industrial production decreasing 4.9% in 2020, which is up 0.3 percentage points over the previous month’s projection. In 2021, the panel sees industrial production recovering 3.2%, which is down 0.1 percentage points from the prior month’s estimate.

Author:, Economist

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Japan Industrial production Chart

Japan Industry September 20 20

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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