Japan Industry December 2015


Japan: Industrial production falls in December

January 29, 2016

In December, industrial production fell 1.4% over the previous month in seasonally-adjusted terms, which followed the 0.9% decrease recorded in November. December’s print exceeded the 0.3% fall that market analysts had expected and represented a seven-month low.

According to the Ministry of Economy, Trade and Industry, the categories that made the greatest contributions to the monthly decrease were general-purpose, production and business oriented machinery, electronic parts and devices as well as transport equipment. As a result, the government maintained its basic assessment of industrial production, stating that output was "moving sideways."

On an annual basis, industrial output fell 1.6% in December, which contrasted the 1.7% increase tallied in the previous month. Annual average growth in industrial production inched down from minus 0.7% in November to minus 0.9% in December.

The Survey of Production Forecast showed that manufacturers are becoming more optimistic. They now expect industrial output to have recorded a month-on-month 7.6% expansion in January, which was better than the 6.0% increase that was forecast in the previous month’s survey. Manufacturers expect a 4.1% drop in February.

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.4% in 2016, which is unchanged over the previous month’s projection. For 2017, the panel expects industrial production to rise 1.6%.

Author: Ricard Torné, Lead Economist

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Japan Industry Chart

Japan Industry December 2015

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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