Latest Updates

• Japan Industrial Production: June 2025 (Final) 2025-08-15 00:30
  

  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.

  Source
• Japan Industrial Production: June 2025 (Preliminary) 2025-07-30 19:50
  

  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.

  Source
• Japan Industrial Production: May 2025 (Final) 2025-07-14 00:30
  

  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.

  Source
• Japan Industrial Production: May 2025 (Preliminary) 2025-06-29 19:50
  

  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%.

  Source
• Japan Industrial Production: April 2025 (Final) 2025-06-13 00:30
  

  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.

  Source
• Japan Industrial Production: April 2025 (Preliminary) 2025-05-29 19:50
  

  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.

  Source
• Japan Industrial Production: March 2025 (Final) 2025-05-16 00:30
  

  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.

  Source
• Japan Industrial Production: March 2025 (Preliminary) 2025-04-29 19:50
  

  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.

  Source
• Japan Industrial Production: February 2025 (Final) 2025-04-14 00:30
  

  Japan’s industrial production growth in February was revised down slightly from 2.5% MoM in the initial estimate to 2.3% MoM.

  • Total shipment growth was unrevised at 3.0% MoM, and the change in inventories was unrevised at -1.7% MoM.
  • The operating ratio (proxy for capacity utilization) fell -1.1% MoM but was up 1.3% YoY (down from 4.3% YoY previously).
  • Total production capacity has fallen or been unchanged in each of the last four months and is down -2.2% YoY, the weakest in over two years.
• Japan Industrial Production: February 2025 (Preliminary) 2025-03-30 18:50
  

  Japanese industrial production increased 2.5% MoM and 0.3% YoY in the preliminary February estimate, beating expectations of a 2.3% MoM increase. Despite the strong monthly increase, the annual rate slowed to nearly no growth.

  • The industries contributing to production growth: Production machinery, electronic parts and devices, and chemicals.
  • Weighing on production growth was the transport equipment (ex autos) industry
  • Shipments were also up strongly, growing 3.0% MoM and 1.5% YoY.
  • With shipment growth outpacing production, inventories fell -1.7% MoM and -1.4% YoY.
  • The inventory ratio fell -3.5% MoM and was up 0.4% YoY.
  • The survey sees production growing slightly in both March (+0.6% MoM) and April (+0.1% MoM).

  Source
• Japan Industrial Production: January 2025 (Final) 2025-03-18 23:30
  

  Japanese industrial production in January was confirmed to be down -1.1% MoM with a slightly softer annual rate of 2.2% YoY.

  • Shipments were down -1.0% MoM, an adjustment from the initial estimate of -1.5% MoM.
  • Inventories were up 1.5% MoM, an upward revision from the initial estimate of 0.9% MoM.
  • Capacity utilization increased 4.5% MoM and 4.3% YoY as production capacity fell -0.3% MoM and -1.9% YoY, the largest annual decline in around two years.
• Japan Industrial Production: January 2025 (Preliminary) 2025-02-27 18:50
  

  Japanese industrial production fell -1.1% MoM (vs -1.0% MoM expected) but was still up 2.6% YoY in February.

  • Shipments also declined, down -1.5% MoM but were up 2.0% YoY.
  • With the decline in shipments, inventories grew 0.9% MoM and 0.5% YoY.
  • The survey forecasts a 5.0% MoM bounce in February and a -2.0% MoM drop in March after that.