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Financial News: Japan Industrial Production Spikes 7.2% In November

Japan Industrial Production Spikes 7.2% In November

12/27/2021 - 19:20:00 (RTTNews)

(RTTNews) - Industrial output in Japan advanced a seasonally adjusted 7.2 percent on month in November, the Ministry of Economy, Trade and Industry said on Tuesday.

That beat expectations for an increase of 4.8 percent and was up from the 1.8 percent gain in October.

On a yearly basis, industrial production improved 5.4 percent - again topping forecasts for a gain of 2.5 percent following the 4.1 percent contraction in the previous month.

Upon the release of the data, the METI upgraded its assessment of industrial production, saying that it now showing signs of an upward movement.

Industries that contributed to the increase included motor vehicles, plastic products and iron and steel. These gains were offset by declines in production among chemicals and petroleum products.

Shipments were up 7.4 percent on month and 3.5 percent on year, while inventories rose 1.7 percent on month and 5.2 percent on year. The inventory ratio slipped 2.6 percent on month and rose 0.4 percent on year.

According to the METI's forecast for industrial production, output is expected to rise 1.6 percent in December and 5.0 percent in January.

Industries contributing to the increase in December include transport equipment and fabricated metals; January's gains are expected to be supported by production machinery, electrical machinery and electronic parts.

Also on Tuesday, the Ministry of Internal Affairs and Communications said that the unemployment rate in Japan came in at a seasonally adjusted 2.8 percent in November.

That missed expectations for 2.7 percent, which would have been unchanged from the October reading.

The jobs-to-applications ratio was 1.15, unchanged from the previous month but shy of expectations for 1.16.

The participation rate was 62.0 - unchanged and in line with forecasts.

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