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Financial News: Japan Industrial Output Jumps 4.0% On Month In

Japan Industrial Output Jumps 4.0% On Month In September

10/29/2020 - 20:20:00 (RTTNews)

(RTTNews) - Industrial output in Japan climbed a seasonally adjusted 4.0 percent on month in September, the Ministry of Economy, Trade and Industry said on Friday.

That exceeded expectations for a gain of 3.2 percent following the 1.0 percent increase in August.

On a yearly basis, industrial production was down 9.0 percent - again beating expectations for a decline of 10.0 percent following the 13.8 percent fall in the previous month.

Upon the release of the data, the METI upgraded its assessment of industrial production, saying that it is now picking up.

Industries that contributed to the increase included motor vehicles, production machinery and electrical machinery - tempered by declines among business-oriented machinery and organic chemicals.

Shipments were up 3.8 percent on month and down 9.9 percent, while inventories sank 0.3 percent on month and 5.5 percent on year. The inventory ratio was down 3.7 percent on month and up 7.5 percent on year.

The METI's forecast for industrial production suggests a monthly increase of 4.5 percent in October and 1.2 percent in November.

Industries contributing to the increase in October include transport equipment, electrical machinery and production machinery. Industries contributing to the increase in November include production machinery, chemicals and iron and steel.

Also on Friday:

. Overall inflation in the Tokyo region of Japan was down 0.3 percent on year in October, the Ministry of Internal Affairs and Communications said. That was in line with expectations following the 0.2 percent increase in September.

Core CPI, which excludes volatile food prices, sank an annual 0.5 percent - also in line with forecasts following the 0.2 percent drop in the previous month.

On a month basis, overall inflation was down 0.4 percent and core CPI slid 0.2 percent.

. The unemployment rate in Japan came in at a seasonally adjusted 3.0 percent in September, the Ministry of Internal Affairs and Communications said. That was shy of forecasts for 3.1 percent and was unchanged from the August reading.

The jobs-to-applicant ratio was 1.03, missing forecasts for 1.04 - which would have been unchanged.

The number of employed persons in September was 66.89 million, a decrease of 790,000 from the previous year. The number of unemployed persons in September was 2.10 million, an increase of 420,000 from the previous year.

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