Japanese industrial production in November fell -2.3% MoM and -2.8% YoY, beating expectations of a -3.4% MoM decline. Shipments also saw a sizeable decline, dropping -2.7% MoM and -3.8% MoM. Declines in production machinery, motor vehicle, and fabricated metals production had the most impact. A smaller inventory decline meant that the inventory ratio increased 3.2% MoM and 2.7% YoY.