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Financial News: Japan January Industrial Production Sinks 7.5%

Japan January Industrial Production Sinks 7.5%

02/28/2024 - 19:29:00 (RTTNews)

(RTTNews) - Industrial output in Japan slumped a seasonally adjusted 7.5 percent on month in January, the Ministry of Economy, Trade and Industry said on Thursday.

That missed forecasts for a decline of 6.7 percent following the 1.4 percent increase in December.

On a yearly basis, industrial production sank 1.5 percent after shedding 0.7 percent in the previous month.

Upon the release of the data, the METI downgraded its assessment of industrial production, saying that it continues to fluctuate indecisively but has weakened.

Industries that contributed to the decline included motor vehicles, business-oriented machinery and electrical machinery. These were offset by support from transport equipment.

Shipments were down 8.3 percent on month and 1.7 percent on year, while inventories fell 1.8 percent on month and 1.3 percent on year. The inventory ratio rose 3.9 percent on month and 1.3 percent on year.

According to the METI's forecast of industrial production, output is expected to rise 4.8 percent on month in February and 2.0 percent in March.

Industries contributing to the gain in February include transport equipment, business-oriented machinery and electrical machinery.

Industries contributing to the gain in March include production machinery, transport equipment and chemicals.

Also on Thursday, the METI said that the total value of retail sales in Japan was up 2.3 percent on year in January, coming in at 13.141 trillion yen.

That beat forecasts for an increase of 2.0 percent following the upwardly revised 2.4 percent gain in December.

On a seasonally adjusted monthly basis, retail sales rose 0.8 percent after sinking 2.6 percent a month earlier.

Commercial sales were down 2.9 percent on month and up 0.9 percent on year at 45.711 trillion yen, while wholesale sales tumbled 4.8 percent on month and added 0.4 percent on year at 32.570 trillion yen.

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