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Japan industrial production dropped -2.6% mom in Oct, but bounce back expected

Japan industrial production dropped -2.6% mom in October, worse than expectation of -1.8% mom.

The seasonally adjusted production index for the manufacturing and mining sectors stood at 95.9 against 100 for the base year of 2015. The shipment index stood at 94.1, down -1.1%, and the inventory index at 103.0, down -0.8%.

The Ministry of Trade, Economy and Industry expects production to rise 3.3% in November and then 2.4% in December.

METI cut its assessment of industrial output for the first time in five months, saying “production is gradually picking up, but some weaknesses are observed.”

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