Japan Industry September 2019


Japan: Industrial production expands at fastest pace in four months in September

October 31, 2019

Industrial production rose 1.4% on a month-on-month and seasonally-adjusted basis in September, contrasting August’s 1.2% decrease. The print was the strong result in four months and overshot the 0.4% increase that market analysts had expected.

The categories that drove the month-on-month increase were general-purpose and business-oriented machinery, production machinery and electrical machinery, and Information and communication electronics equipment, in that order. Higher output for these categories was partially offset by decreases in production of chemicals, motor vehicles and electronic parts and devices.

On an annual basis, industrial output expanded 1.1% in September, contrasting August’s 4.7% drop. The annual average variation in industrial production rose from minus 1.2% in August to minus 0.9% in September.

The Survey of Production Forecast showed that manufacturers are becoming more optimistic. Manufacturers now expect industrial output to have recorded a 0.6% monthly increase in October, contrasting the 0.6% decrease forecast in the previous month’s survey. They, however, project a 1.2% fall in November.

FocusEconomics Consensus Forecast panelists see industrial production expanding 0.3% in 2020, which is down 0.4 percentage points over the previous month’s projection. For 2021 the panel expects industrial production to increase 0.9%.

Author: Ricard Torné, Head of Data Analysis

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Japan Industry Chart

Japan Industry September 2019

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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