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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
JapanJapan All Industry Activity Index MoM climbed to 0.8% in January 2020
FMPMonthlyReleased March 2020
Japan All Industry Activity Index MoM climbed to 0.8% in January 2020, released March 2020, up 0.9% from December's -0.1% reading. The print exceeded the 0.2% consensus by 0.6%. The print is running well above the 12-month average of -1.18%. Over the past 3 months, All Industry Activity Index MoM averaged -2.72%, vs 0.75% in the prior 3-month window. The reading is in the 80th percentile of the trailing 24-month range.
Latest Release
0.8
Actual
0.2
Consensus
-0.1
Previous
Median Absolute Error
±0.26 percentage points
across last 12 releases
Last Call
Mar 2020
Predicted: -0.68
Actual: 0.8
Error: -1.48
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| USD/JPY | ▼ Inverse | −0.50 | FOREX | Moves against | → View |
| EUR/JPY | ▼ Inverse | −0.45 | FOREX | Moves against | → View |
| Nikkei 225 | ▲ Direct | +0.45 | INDEX | Moves with | → View |
| GBP/JPY | ▼ Inverse | −0.40 | FOREX | Moves against | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
All Industry Activity Index MoM (Japan) was reported at 1.3% in September 2020. The reading fell from the previous value of 6.8%. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The trailing three releases averaged 1.3%, up from the prior three at -3.6%.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with USD/JPY (Bullish JPY). A secondary relationship exists with EUR/JPY, negatively correlated (Bullish JPY). Over the last 12 releases, the Sigmacast model's median absolute error is 0.26%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include BoJ Monetary Policy Meeting Minutes (Aug 4) and Monetary Policy Meeting Minutes (Aug 4).
Auto-generated from current model state · Refreshes on each release · Last update September 2020.
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All Industry Activity Index MoM - JP
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About All Industry Activity Index MoM — Japan
DEFINITION
The All Industry Activity Index MoM is a monthly economic indicator that measures the overall activity and performance of all industries within a country. It takes into account factors such as production, sales, and employment to provide a comprehensive view of the country's economic health. This index is closely monitored by investors, policymakers, and businesses as it can provide valuable insights into the current and future state of the economy. A positive change in the index indicates growth and expansion, while a negative change suggests a slowdown or contraction.
WHY THIS INDICATOR MATTERS
This release contributes to the broader macro picture used by cross-asset investors for positioning and risk management. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Jul 2020): actual 1.3 %. Prior reading (Jun 2020): 6.1 %. Before that (May 2020): -3.5 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with USD/JPY (Bullish JPY, r=-0.50) — a useful reference for forex-focused traders.
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EXPECTED ZONE
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Economic Calendar - JP Events
| Monday, August 3, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 23:50 | JP | Monetary Base YoY | -13.7 | -13 | -13.00 | Low | |
| Tuesday, August 4, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 23:30 | JP | Average Cash Earnings YoY | 3.2 | 3.4 | 3.40 | Low | |
| 23:30 | JP | Overtime Pay YoY | 2.9 | 3.1 | 3.10 | Low | |
| Thursday, August 6, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 23:30 | JP | Household Spending MoM | 3.7 | -2 | -2.00 | Medium | |
| 23:30 | JP | Household Spending YoY | -0.4 | 0.9 | 0.90 | Medium | |
| Friday, August 7, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 05:00 | JP | Leading Economic Index | 116.5 | 116.5 | 116.50 | Low | |
| 05:00 | JP | Coincident Indicator MoM | -0.2 | 0.4 | 0.40 | Low | |
| 05:00 | JP | CB Leading Index | 116.5 | 116.5 | 116.50 | Low | |