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Financial News: Japan Industrial Production Spikes 8.0% On Month In

Japan Industrial Production Spikes 8.0% On Month In July

08/30/2020 - 20:45:00 (RTTNews)

(RTTNews) - Industrial output in Japan climbed a seasonally adjusted 8.0 percent on month in July, the Ministry of Economy, Trade and Industry said on Monday.

That beat forecasts for a gain of 5.8 percent and was up from 1.9 percent in June.

On a yearly basis, industrial production sank 16.1 percent - missing forecasts for a decline of 15.0 percent after tumbling 18.2 percent in the previous month.

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

Industries that contributed to the increase were motor vehicles, other manufacturing and non-ferrous metals - offset by declines among production machinery, transport equipment and petroleum and coal products.

Shipments were up 6.0 percent on month and down 17.1 percent on year, while inventories dipped 1.6 percent on month and 4.9 percent on year. The inventory ratio dropped 8.8 percent on month and jumped 17.8 percent on year.

According to the METI's forecast of production, output is expected to rise 4.0 percent in August and 1.9 percent in September. Gains in August are linked to transport equipment, business-oriented machinery and chemicals. In September, gains are expected from transport equipment, electrical machinery and paper.

Also on Monday, the METI said that the total value of retail sales in Japan was down a seasonally adjusted 3.3 percent on month in July. That missed forecasts for a gain of 3 percent and was down from 13.1 percent in June.

On a yearly basis, retail sales sank 2.8 percent - again shy of expectations for a decline of 1.7 percent following the 3.9 percent increase in the previous month.

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