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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
JapanJapan Capacity Utilization MoM fell to -1.9% in November 2024
FMPMonthlyReleased January 2025
Japan Capacity Utilization MoM fell to -1.9% in November 2024, released January 2025, down 4.5% from October's 2.6% reading. The reading missed the 0.2% consensus by 2.1%. Capacity Utilization MoM has now declined for 3 consecutive months. Over the past 3 months, Capacity Utilization MoM averaged 3.5%, vs -1.97% in the prior 3-month window. The reading is in the 27th percentile of the trailing 24-month range.
Latest Release
-1.9
Actual
0.2
Consensus
2.6
Previous
Median Absolute Error
±2.86 percentage points
across last 12 releases
Last Call
Jan 2025
Predicted: 1.13
Actual: -1.9
Error: +3.02
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| USD/JPY | ▼ Inverse | −0.50 | FOREX | Bullish JPY | → View |
| EUR/JPY | ▼ Inverse | −0.45 | FOREX | Bullish JPY | → View |
| Nikkei 225 | ▲ Direct | +0.45 | INDEX | Bullish JP | → View |
| GBP/JPY | ▼ Inverse | −0.40 | FOREX | Bullish JPY | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Capacity Utilization MoM (Japan) was reported at -1.9% in January 2025. This missed the market consensus of 0.2% by 2.1%. The reading fell from the previous value of 2.6%.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged 1.7%, up from the prior three at -1.97%.
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 2.86%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Monetary Policy Statement (Jun 16) and BoJ Interest Rate Decision (Jun 16).
Auto-generated from current model state · Refreshes on each release · Last update January 2025.
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Capacity Utilization MoM - JP
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About Capacity Utilization MoM — Japan
DEFINITION
Capacity Utilization MoM (Month-over-Month) is a financial indicator that measures the percentage of a company's total production capacity that is being utilized in a given month. It provides insight into the efficiency and productivity of a company's operations, as well as its ability to meet current demand. A higher capacity utilization MoM indicates a more efficient use of resources, while a lower percentage may suggest potential underutilization and room for growth. This indicator is commonly used by investors and analysts to assess the overall health and performance of a company.
WHY THIS INDICATOR MATTERS
This release contributes to the broader macro picture used by cross-asset investors for positioning and risk management. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Nov 2024): actual -1.9 %, consensus 0.2 %. Prior reading (Oct 2024): 2.6 %. Before that (Sep 2024): 4.4 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially higher reading versus the latest print, with the 3-month outlook diverging from that direction. The 1-month and 3-month horizons disagree, suggesting a mixed 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.