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Financial News: Japan Industrial Production Jumps 3.8% In October

Japan Industrial Production Jumps 3.8% In October

11/29/2020 - 19:43:00 (RTTNews)

(RTTNews) - Industrial output in Japan climbed a seasonally adjusted 3.8 percent on month in October, the Ministry of Economy, Trade and Industry said on Monday.

That was roughly in line with expectations and down from the 3.9 percent gain in September.

On a yearly basis, industrial production sank 3.2 percent, missing forecasts for a fall of 2.5 percent following the 9.0 percent decline in the previous month.

Contributing to the increase were business-oriented machinery, motor vehicles and electrical machinery - offset by weakness from electronic parts, transport equipment and chemicals.

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

Shipments were up 4.6 percent on month and down 3.2 percent on year thanks to gains from motor vehicles, business-oriented machinery and electrical machinery.

Inventories fell 1.6 percent on month and 7.9 percent on year, weighed by chemicals, iron and steel.

The inventory ratio was down 3.0 percent on month and 0.5 percent on year.

According to the METI's forecast for industrial production, output is expected to gain 2.7 percent in November and then fall 2.4 percent in December.

Industries expected to contribute to the gain in November include production machinery, electronic parts and chemicals. Industries expected to weaken in December include business-oriented machinery, transport equipment and production machinery.

Also on Monday, the METI said that the value of retail sales in Japan was up a seasonally adjusted 0.4 percent on month in October, coming in at 12.430 trillion yen.

That beat expectations for a 0.1 percent increase following the 0.1 percent decline in September.

On a yearly basis, retail sales jumped 6.4 percent, exceeding expectations for an increase of 2 percent following the 8.7 percent drop in the previous month.

Commercial sales were up 0.9 percent on month and down 2.3 percent on year at 44.809 trillion yen, while wholesale sales climbed 1.6 percent on month and fell 6.1 percent on year at 32.379 trillion yen.

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