- Marcel Thieliant, Japan economist at Capital Economics
Japan's industrial output fell less than initially estimated in November, according to the final data from the Ministry of Economy, Trade and Industry. Industrial production in the world's third biggest economy declined a seasonally adjusted 0.5% in November from the preceding month, revised from the 0.6% drop and following the 0.4% growth in October. On an annual basis, industrial output declined 3.7% in the reported month after the 0.8% fall in October. Shipments were down by 1.4% in November, in line with preliminary reading, while inventories rose 1.1% instead of a flash estimate of 1%. Similarly, inventory ratio gained 4.2% compared with 4% estimated initially.
Meanwhile, consumer confidence in the country improved for the first time in five months in December, according to the Cabinet Office, as declines in global oil prices translated into domestic energy prices drops in Japan. The Consumer Confidence Index climbed to 38.8 in December up from 37.7 in the preceding month, whereas market participants had predicted the index to rise to 38.5. The sub-index of employment levels rose by 1.3 points to 44.1 in December, while the overall livelihood index and the indicator for income growth gained both 1.1 points to 36.0 and 38.7, respectively. The willingness to buy durable goods sub-index inched higher by 0.9 points to 36.3.
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