End-of-day quote - 01:25 2022-11-25 am EST
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Japan Industrial Growth Speeds Up in August as Production Reaches Pre-pandemic Levels

09/30/2022 | 04:38am
(MT Newswires) -- Industrial production in Japan expanded 2.7% on a monthly basis in August, much faster than expectations of a 0.2% increase after the downwardly revised 0.8% rise in July, the Ministry of Economy, Trade, and Industry reported preliminary figures on Friday.

The production machinery industry was the top contributor, with production jumping 6.1% due to the robust demand for semiconductor manufacturing devices and flat panel display producing equipment.

Additionally, the seasonally adjusted index of production at factories and mines weighed in at 99.5 against the 2015 base of 100, surpassing 99.1 in January 2020, an indication that output resurfaced to pre-pandemic levels amid the ease in material shortfall.

The data prompted the ministry to lift its basic assessment of industrial output to "showing signs of picking up moderately" from "fluctuating indecisively" in July. Looking ahead, the government body anticipates production growth to hasten to 2.9% in September and 3.2% in October.

MT Newswires 2022
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