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.