Japan industrial production: November output down and below consensus - Nomura

FXStreet (Delhi) – Research Team at Nomura, notes that the Japanese industrial production in November 2015 declined 1.0% m-m, weaker than the consensus forecast (Bloomberg survey median) for a contraction of 0.5%.

Key Quotes

“However, the survey of manufacturers' production forecasts showed projected m-m growth in output of 0.9% in December and 6.0% in January, with a pickup particularly from the start of the year. Production has been below projected levels recently, but the survey points clearly to a bullish outlook among manufacturers.”

“Based on these figures, production in Oct-Dec would rise 1.3% q-q. That suggests production should recover in Oct-Dec after declining for the second straight quarter in Jul-Sep. The forecast figure for January is 6.3% higher than the average for Oct-Dec, also pointing to accelerating activity.”