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Japan: Industrial production rebounds in December

January 30, 2015

In December, industrial production expanded 1.0% over the previous month in seasonally-adjusted terms, which contrasted the 0.5% decrease recorded in November. While the print undershot the 1.2% increase that market analysts had expected, it represented the fastest expansion in three months.

According to the Ministry of Economy, Trade and Industry, the categories that made the greatest contributions to the monthly rise were electronic parts and devices, information and communication electronics equipment, and chemicals. As a result of December’s rebound, the government upgraded its general assessment of industrial production, stating that, “industrial production is picking up moderately.”

On an annual basis, industrial output rose 0.3% in December, which contrasted the 3.7% drop tallied in the previous month. In the full year 2014, industrial production expanded 2.0%, which contrasted the 0.6% decline tallied in 2013 and represented the largest yearly expansion since 2010.

Meanwhile, the Survey of Production Forecast showed that manufacturers are becoming more optimistic. They now expect industrial output to have recorded a month-on-month 6.3% expansion in January, which was above the 5.7% increase that was forecast in the previous month’s survey. Manufacturers, however, expect a 1.8% decline in February.

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.0% in 2015, which is down 0.1 percentage points over the previous month’s projection. In 2016, the panel expects industrial production to rise 1.9%.


Author: Ricard Torné, Head of Economic Research

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Japan Industry December 2014

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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