Japan: Industrial activity contracts at sharpest rate since May 2020 in January
Industrial output plunged 6.7% month-on-month in seasonally adjusted terms in January (December: +1.2% mom). The figure marked the worst reading since May 2020. Looking at the details of the release, manufacturing production swung to contraction in January, and the decline in mining output worsened.
On an annual basis, industrial output dropped 1.5% in January, which was below December’s 1.1% fall. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 1.2%, up from December’s minus 1.3% reading.