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Financial News: Japan Industrial Production Slips 0.1% In November

Japan Industrial Production Slips 0.1% In November

12/27/2022 - 19:15:00 (RTTNews)

(RTTNews) - Industrial output in Japan fell a seasonally adjusted 1.0 percent on month in November, the Ministry of Economy, Trade and Industry said on Wednesday.

That beat expectations for a decline of 0.3 percent following the 3.2 percent drop in October.

On a yearly basis, industrial production sank 1.3 percent - missing expectations for a gain of 1.0 percent following the 3.0 percent increase in the previous month.

Upon the release of the data, the METI downgraded its assessment of industrial production, saying that it has weakened.

Industries that contributed to the decline included business-oriented machinery, production machinery and organic chemicals - offset by increases among other chemicals, plastic products and electrical machinery.

Shipments were down 0.5 percent on month and 0.9 percent on year, weighed by declines among business-oriented machinery, production machinery and electronic parts. These were offset by gains among motor vehicles, plastic products and transport equipment.

Inventories rose 0.3 percent on month and 3.8 percent on year, fueled by gains among petroleum and coal products, fabricated metals and electronic parts. These were offset by declines among organic chemicals, electrical machinery and communications electronic equipment.

The inventory ratio was up 3.3 percent on month and 6.9 percent on year.

According to the METI's forecast of industrial production, output is expected to rise 2.8 percent on month in December and sink 0.6 percent in January.

Industries that mainly contributed to the increased in December included production machinery, general-purpose and business oriented machinery, and electronic parts and devices.

Industries that mainly contributed to the decreased in January included production machinery, transport equipment and electronic parts and devices.

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