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Asian Economic News

Japan Industrial Output Falls 2.3% In May

By RTTNews Staff Writer   ✉   | Published:   | Follow Us On Google News
rttnewslogo20mar2024

Industrial production in Japan fell a seasonally adjusted 2.3 percent on month in May, the Ministry of Economy, Trade and Industry said in Wednesday's preliminary reading.

That was well shy of forecasts for a decline of 0.2 percent following the 0.5 percent increase in April.

On a yearly basis, industrial production fell 0.1 percent - missing forecasts for a gain of 1.9 percent following the 3.3 percent contraction in the previous month.

Upon the release of the data, the METI maintained its assessment of industrial production, saying that it has been fluctuating indecisively.

Industries that mainly contributed to the decline included chemicals, general-purpose, production and business oriented machinery, and electronic parts and devices.

According to the Survey of Production Forecast in Manufacturing, production is expected to gain 1.7 percent in June and 1.3 percent in July.

Industries that mainly contributed to the increase in June include transport equipment, electronics equipment and fabricated metals.

Industries that mainly contributed to the increase in July include transport equipment, and electrical machinery and chemicals.

Shipments fell 2.3 percent on month, falling for the first time in three months. They were also down 0.8 percent on year.

Industries that mainly contributed to the decline included chemicals, general-purpose, production and business oriented machinery, and transport equipment and electronic parts and devices.

Inventories added 0.3 percent on month, rising for the first time in two months. Inventories also gained 0.6 percent on year.

The Inventory Ratio gained 1.3 percent on month, rising for the first time in two months. It also showed an increase of 2.1 percent on year.

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