Japan: Industrial activity dips in April
Industrial production declined 1.4% month-on-month in seasonally-adjusted terms in April (March: +0.3% mom). The figure was largely driven by a deterioration in manufacturing production. In contrast, mining production dropped at a softer rate.
On an annual basis, industrial output declined 4.8% in April, which was notably below March’s 1.7% fall and marking the worst result since January 2021. Accordingly, annual average industrial production growth fell to 4.0% in April (March: +5.7%). This signals a worsening trend in the industrial sector.