Japanese industrial production declined -2.2% MoM and -2.7% YoY in November, broadly in line with the preliminary estimate of -2.3% MoM and -2.8% YoY. Shipments were slightly better than first estimated, down -2.5% MoM vs the preliminary reading of -2.7% MoM.

Capacity utilization cooled after two strong months, down -1.9% MoM to 102.6, and was down -4.8% YoY. The non-seasonally adjusted measure of production capacity fell -0.5% MoM to 96.9, the lowest in the post-pandemic period.