In October this year, Japan’s industrial production declined by 3.2 percent compared to the previous month and rose by three percent compared to the same month in 2021, according to the preliminary indices of the Industrial Production report published by Japan's Ministry of Economy, Trade and Industry (METI).
On the other hand, in October the Japanese iron and steel production index decreased by 5.4 percent year on year, while Japan’s seasonally adjusted iron and steel production index was down by 1.5 percent in the given month compared to September. Meanwhile, in October Japanese producers’ iron and steel shipments grew by 5.1 percent and iron and steel inventories dropped by 2.6 percent, both compared to the previous month.
According to the ministry’s Survey of Production Forecast in Manufacturing, Japanese industrial production is expected to rise by 3.3 percent in November and by 2.4 percent in December, both on month-on-month basis. Meanwhile, Japanese iron and steel production is expected to decline by 1.8 percent in November and increase by 2.3 percent in December, month on month.