Japan Industrial Production

Data Industry

Source: Japan METI
Source Link: https://www.meti.go.jp/
Frequency: Monthly
Next Release(s): October 30th, 2025 7:50 PM

Latest Updates

Japan’s industrial production fell -1.5% MoM and -1.6% YoY in August 2025, revised down from the initial estimates of -1.2% MoM and -1.3% YoY.
- Shipment growth was just 0.2% MoM (vs 0.5% MoM initial estimate) and was down -1.3% YoY.
- Inventory growth was unrevised at -1.0% MoM and -2.9% YoY, as inventories were drawing down on the month.
- The inventory ratio was up 2.3% MoM (vs 2.5% MoM initial estimate) and up just 0.4% YoY.
- Production capacity dropped -0.5% MoM, the largest monthly drop so far this year, and was down -1.8% YoY.
- Capacity utilization dropped -2.3% MoM, the largest monthly decline since March, and was mostly flat at an annual increase of 0.3% YoY.
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Japan’s industrial production fell -1.2% MoM (vs -0.8% MoM expected) and -1.3% YoY in August 2025, as both output and inventories declined while the inventory ratio rose.
- Shipments edged up +0.5% MoM but were down -1.1% YoY, indicating only a modest recovery in deliveries.
- Inventories declined -1.0% MoM and -2.9% YoY, pointing to ongoing stock drawdowns across manufacturers.
- The inventory ratio increased +2.5% MoM and +0.6% YoY, suggesting slower inventory clearance relative to shipments.
- Forecasts show production is expected to rise +4.1% MoM in September and +1.2% MoM in October.
- August results highlight fluctuating momentum, but forward-looking surveys suggest near-term stabilization in output.
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Japan's industrial production fell -1.2% MoM and -0.4% YoY in July, revised up from the preliminary estimate of -1.6% MoM, as both shipments and output declined.
- Shipments were down -2.1% MoM and -1.7% YoY, revised up from the preliminary estimate of -2.5% MoM.
- Inventory growth was 0.9% MoM, mostly in line with the 0.8% MoM preliminary estimate, but on an annual basis was down -2.4% YoY.
- Production capacity edged up 0.1% MoM, and the annual decline narrowed to -1.7% YoY, the weakest decline so far this year.
- Capacity utilization dropped -1.1% MoM, the second straight drop of more than one percent, and was down -0.4% YoY.
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Japan’s industrial production fell -1.6% MoM (vs -1.0% MoM expected) and -0.9% YoY in July 2025, as both output and shipments weakened while inventories edged higher.
- Shipments dropped -2.5% MoM and -2.1% YoY, pointing to softer demand conditions.
- Inventories rose +0.8% MoM but were down -2.5% YoY, while the inventory ratio increased +0.4% MoM and +1.4% YoY, signaling stock accumulation relative to sales.
- The forecast survey projects production to rebound +2.8% MoM in August before slipping -0.3% MoM in September.
- July’s weakness in production and shipments contrasted with expectations for a short-term recovery in August.
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Japan’s industrial production rose +2.1% MoM and +4.4% YoY in June 2025, marking a solid rebound in output momentum. This is up from the initial estimate of growth of +1.7% MoM and +4.0% YoY.
- Shipments fell -0.8% MoM but increased +3.8% YoY, indicating short-term weakness amid stronger annual demand.
- Inventories declined -0.3% MoM and -3.1% YoY, pointing to a leaner stock position.
- The inventory ratio rose +0.9% MoM but was down -1.8% YoY, suggesting relative improvement in inventory efficiency.
- Production capacity edged up +0.2% MoM but fell -1.9% YoY, reflecting a gradual erosion in longer-term capacity.
- The operating ratio dropped -1.8% MoM but rose +3.9% YoY, signaling a pullback from the prior month’s pace while remaining above year-ago levels.
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Japan’s industrial production rose +1.7% MoM and +4.0% YoY in June 2025, marking a strong rebound in output momentum following recent weakness.
- Shipments fell -0.8% MoM but were up +3.8% YoY, reflecting near-term volatility in domestic and external demand.
- Inventories declined -0.4% MoM and -3.2% YoY, contributing to a leaner stock environment.
- The inventory ratio rose +0.8% MoM but was down -1.9% YoY, suggesting relative improvement in inventory efficiency.
- July 2025 production is forecast to rise +1.8% MoM, with a further +0.8% MoM gain expected in August.
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Japanese industrial production in May was revised down from 0.5% MoM in the initial estimate to a -0.1% MoM drop. On an annual basis, production is down -2.4% YoY vs the initial estimate of -1.8% YoY.
- Shipment growth was revised up slightly to 2.4% MoM and -2.3% YoY from 2.2% MoM and -2.4% YoY.
- Inventory growth was also revised up slightly to -1.8% MoM and -3.1% YoY from -1.9% MoM and -3.2% YoY.
- The inventory ratio decline was smaller than initially estimated at -1.1% MoM (vs -1.9% MoM 1st estimate).
- While production stagnated, capacity production increased 2.0% MoM, but the non-seasonally adjusted index was down -1.1% YoY, the first annual decline in 2025.
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Japan’s industrial production rose 0.5% MoM (vs 3.5% MoM expected) in May after a -1.1% MoM drop in April, though output remains weak at -1.8% YoY, down from 0.5% YoY in April.
- Shipments increased 2.2% MoM, but are down -2.4% YoY.
- Inventories declined -1.9% MoM and -3.2% YoY, while the inventory ratio also fell -1.9% MoM but rose 1.0% YoY.
- Industrial production is forecast to rise 0.3% MoM in June before falling -0.7% MoM in July.
- The June forecast was revised up from the prior month’s projection of -3.4%.
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Japanese industrial production fell -1.1% MoM in April, revised down from the first estimate of -0.9% MoM.
- Shipments edged up 0.1% MoM, slightly less than the first estimate of 0.2% MoM.
- The decline in inventories was -0.8% MoM, more than the -0.5% MoM decline in the preliminary report.
- Instead of the inventory ratio rising 0.2% MoM in the first estimate, the final report showed it falling -0.6% MoM.
- Total production capacity continues to decline, dropping -0.4% MoM and -2.1% YoY.
- Capacity utilization increased 1.2% MoM and 2.4% YoY in April after declining in the last two months.
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Japanese industrial production fell -0.9% MoM (vs -1.5% MoM) in April 2025 after rising in March, while remaining up 0.7% YoY.
- Shipments edged up 0.2% MoM, and inventories declined -0.5% MoM, causing the inventory ratio to rise 0.2% MoM.
- On a YoY basis, inventories were down -0.8%, and the inventory ratio was up 1.2%.
- Industrial production is forecast to rebound strongly with a +9.0% MoM increase in May, before contracting -3.4% MoM in June.
- The May forecast is sharply higher than the previous month’s +3.9% projection.
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Japanese industrial production increased 0.2% MoM and 1.0% YoY in March, revised up from the first estimate of a -1.1% MoM and -0.3% YoY decline.
- Shipments fell -1.8% MoM and -0.3% YoY, revised up from the initial estimate of -2.8% MoM and -1.3% YoY.
- Inventories increased 1.2% MoM but were still down -0.7% YoY.
- The inventory-sales ratio jumped 4.4% MoM and was up 0.6% YoY.
- Capacity utilization fell -2.4% MoM in March, the largest drop since August 2024, but because there was a large increase in January, Q1 2025 utilization was up 2.3% QoQ.
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Japanese industrial production fell -1.1% MoM and -0.3% YoY in March, below expectations of a -0.4% MoM decline.
- Shipments fell -2.8% MoM and -1.3% YoY due to weaker auto and electrical equipment & electronics shipments.
- As activity was weaker, inventories increased 0.9% MoM but were still down -1.0% YoY.
- The inventory-sales ratio jumped 4.5% MoM and was up 0.7% YoY.
- Industrial production is forecasted to growth 1.3% MoM in April and 3.9% MoM in May.
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