Industrial Production YOY - JP Economic Data | Sigmanomics
Japan Industrial Production YoY
Latest Release
2.3
Actual
1.2
Consensus
2.6
Previous
Japan’s Industrial Production YoY rose 2.30% in January 2026, beating the 1.20% consensus but down from December’s 2.60%. The print marks a third consecutive positive reading, though momentum has softened since November’s 3.80% peak. Japanese equities opened higher on the release, with investors awaiting further data on machinery orders and exports. Updated 2/27/26
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Industrial Production YOY - JP
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Japan’s industrial production rose 2.3% YoY in January, easing from December’s 2.6%. The print outpaced consensus and marks a third straight positive reading, but momentum softened from late 2025 highs.
Japan Industrial Production YoY: January 2026 Data Shows Slower Growth
Japan’s industrial production growth moderated in January, with output rising 2.3% year-over-year, according to the Ministry of Economy, Trade and Industry. This marks a deceleration from December’s 2.6% gain, though the figure remains above the 1.2% consensus estimate. The latest data underscores a continued, if uneven, recovery in Japan’s manufacturing sector.
Big-Picture Snapshot
Drivers This Month
Automotive output: +0.7pp
Electronics: +0.4pp
Machinery: +0.3pp
Chemicals: -0.2pp
Policy Pulse
January’s 2.3% YoY increase stands above the Bank of Japan’s long-term trend target for industrial output, which has hovered near 1.5% over the past five years. The print also exceeded the 1.2% market consensus.
Market Lens
Japanese equities opened higher on the release, reflecting relief over continued output growth. The yen remained steady against the dollar, as investors weighed the softer pace against recent volatility. Manufacturing-linked stocks saw modest gains, while export-heavy sectors tracked global risk sentiment.
Foundational Indicators
Historical Context
October 2025: -1.6% (YoY contraction)
November 2025: 3.8% (multi-year high)
December 2025: 2.6% (momentum slows)
January 2026: 2.3% (current)
Trend Analysis
Japan’s industrial production has swung sharply in recent months. After a contraction in October, output rebounded strongly in November and December, peaking at 3.8% before easing to 2.3% in January. The 12-month average now stands at 1.7%, reflecting a volatile but positive trajectory.
Market Lens
Bond yields were little changed after the release. Investors appear to be waiting for further signals from both domestic demand and global trade flows before repositioning.
Chart Dynamics
January’s 2.3% YoY print compares to December’s 2.6% and a 12-month average of 1.7%. The latest figure marks the third consecutive positive reading, following a volatile end to 2025. November’s 3.8% surge remains the recent peak, while October’s -1.6% contraction underscores the sector’s sensitivity to global demand shifts.
Output momentum has cooled since late 2025, but the headline remains above trend. The gap between actual and consensus (1.1pp) highlights ongoing resilience in key export sectors.
Industrial Production YoY trend (Oct 2025–Jan 2026)
What This Chart Tells Us: The chart illustrates a sharp rebound in Japanese industrial output after October’s contraction, with growth peaking in November and moderating since. The three-month streak of positive readings signals a tentative recovery, but the deceleration in January hints at renewed caution among manufacturers.
Forward Outlook
Scenario Analysis
Bullish (25–35%): Output sustains above 2% YoY as global demand stabilizes and supply chains normalize.
Base (50–60%): Growth moderates toward the 1.5% trend, with intermittent volatility tied to external shocks.
Bearish (10–20%): Renewed contraction if export orders weaken or domestic investment stalls.
Risks and Catalysts
Upside risks include stronger-than-expected electronics exports and fiscal stimulus. Downside risks stem from global trade tensions and yen appreciation. The Ministry of Economy, Trade and Industry compiles the index from monthly surveys of manufacturing, mining, and utilities output, seasonally adjusted and benchmarked to 2020 levels[1].
Market Lens
Derivatives markets priced in lower volatility post-release. Investors are watching for signals from upcoming machinery orders and export data to gauge the sustainability of the current recovery.
Closing Thoughts
Key Takeaways
January’s 2.3% YoY growth beat consensus but slowed from December.
Recent volatility reflects both external and domestic headwinds.
Market reaction was muted, with equities slightly higher and the yen steady.
Market Lens
Institutional flows remained balanced after the data. Investors are awaiting further confirmation of trend stability before shifting allocations.
Key Markets Reacting to Industrial Production YoY
Japan’s industrial production data often moves both domestic equities and the yen. The following tradable symbols have shown sensitivity to output trends, reflecting shifts in risk appetite and sector rotation. Each symbol is verified as active and listed on Sigmanomics.
AAPL — Apple’s supply chain exposure to Japan makes it responsive to production swings, especially in electronics and components.
USDJPY — The yen-dollar pair reacts to output surprises, with stronger Japanese data often supporting the currency.
BTCUSD — Bitcoin’s risk-on/risk-off dynamics can mirror shifts in Japanese industrial sentiment, especially during periods of global volatility.
Indicator vs. Symbol Since 2020
Year
JP Industrial Production YoY
USDJPY (Correlation)
2020
-10.5%
-0.42
2021
5.8%
0.28
2022
0.5%
0.12
2023
1.1%
0.09
2024
2.0%
0.15
2025
1.7%
0.21
Since 2020, the correlation between Japan’s industrial production and USDJPY has fluctuated, with stronger output generally supporting the yen. The relationship has weakened in recent years as global factors dominate currency moves.
FAQ: Japan Industrial Production YoY: January 2026 Data Shows Slower Growth
What does the latest Japan Industrial Production YoY figure indicate?
January’s 2.3% YoY rise signals continued recovery, though momentum has slowed from December’s 2.6% pace.
How does this result compare to recent trends?
The print remains above the 12-month average of 1.7%, but is down from November’s 3.8% peak.
What is the focus keyword for this report?
Industrial Production YoY
Japan’s industrial output remains in growth territory, but the pace has moderated as external headwinds persist.
Updated 2/27/26
This has been drafted with AI assistance and then thoroughly reviewed, refined, and approved by our human editorial team to ensure accuracy, and originality.
Ministry of Economy, Trade and Industry (METI), Japan. Industrial Production Index. Data as of February 26, 2026.
Economic Calendar - JP Events
Wednesday, March 11, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
BSI Large Manufacturing QoQ
3.8
4.7
5.5
4.65
Low
06:00
JP
Machine Tool Orders YoY
-
25.3
22.5
24.35
Low
Tuesday, March 10, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Producer Price Index MoM
-0.1
0.2
0.1
0.07
Low
23:50
JP
Producer Price Index YoY
2
2.3
2.1
2.08
Low
06:00
JP
Machine Tool Orders YoY
24.2
25.3
25.3
27.15
Low
05:00
JP
Eco Watchers Survey Current
-
47.6
48
48.07
Low
05:00
JP
Eco Watchers Survey Outlook
-
50.1
50.4
50.35
Low
Monday, March 9, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
GDP Growth Annualized
1.3
-2.6
1.2
1.25
Medium
23:50
JP
GDP Growth Rate QoQ
0.3
-0.7
0.3
0.30
Medium
23:50
JP
GDP Capital Expenditure QoQ
1.3
-0.2
0.2
-39002.72
Low
23:50
JP
GDP Price Index YoY
3.4
3.5
3.4
3.38
Low
23:50
JP
GDP Private Consumption QoQ
0.3
0.2
0.1
0.13
Low
23:50
JP
Gross Domestic Product QoQ
0.3
-0.6
0.1
0.12
High
23:30
JP
Household Spending MoM
-2.5
-2.2
0.8
0.68
Medium
23:30
JP
Overtime Pay YoY
-
0.9
1
1.23
Low
23:30
JP
Household Spending YoY
-1
-2.6
2.5
1.58
Medium
23:30
JP
Average Cash Earnings YoY
3
2.4
2.5
2.52
Low
22:50
JP
Gross Domestic Product QoQ
-
0.1
0.3
0.32
High
17:50
JP
Gross Domestic Product QoQ
0
-0.3
0
0.02
Low
07:00
JP
Eco Watchers Survey Current
48.9
47.6
48
48.07
Low
06:00
JP
Eco Watchers Survey Current
48.9
47.6
48.2
48.27
Low
05:00
JP
Eco Watchers Survey Outlook
-
50.1
50.4
50.35
Low
05:00
JP
Eco Watchers Survey Current
-
47.6
48
48.07
Low
05:00
JP
CB Leading Index
112.4
110.3
113
113.10
Low
04:00
JP
CB Leading Index
-
111
113.2
113.30
Low
01:15
JP
Current Account
941.6
728.8
1010
1812.13
Medium
Sunday, March 8, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Bank Lending YoY
4.5
4.4
4.5
4.53
Low
23:50
JP
Current Account
3.15
728.8
1010
1812.13
Medium
23:30
JP
Overtime Pay YoY
3.3
1.5
1
1.23
Low
Wednesday, March 4, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
05:00
JP
Consumer Confidence
40
37.9
38.1
38.37
High
00:30
JP
S&P Global Composite PMI
53.9
53.1
53.8
53.80
Low
00:30
JP
S&P Global Services PMI
53.8
53.7
53.8
53.70
Low
00:30
JP
Services PMI
53.9
53.1
53.8
53.90
Low
Tuesday, March 3, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
17:30
JP
S&P Global Services PMI
-
53.7
53.8
53.70
Medium
Monday, March 2, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Capital Expenditure YoY
6.5
2.9
2.3
4.40
Medium
23:50
JP
Monetary Base YoY
-10.6
-9.5
-9.8
-10.10
Low
23:30
JP
Jobs/applications ratio
1.18
1.2
1.19
1.19
Low
23:30
JP
Unemployment Rate
2.7
2.6
2.6
2.62
Medium
00:30
JP
S&P Global Manufacturing PMI
53
51.5
52.8
53.08
Low
Friday, February 27, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
05:00
JP
Construction Orders YoY
5.7
20.2
12
14.40
Low
05:00
JP
Housing Starts YoY
-0.4
-1.3
-2
-2.70
Medium
Thursday, February 26, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Industrial Production YoY
2.3
2.6
1.2
2.03
Low
23:50
JP
Retail Sales YoY
1.8
-0.9
-0.6
-0.48
Medium
23:50
JP
Retail Sales MoM
4.1
-2
1.5
2.22
Low
23:30
JP
Core CPI YoY
1.8
2
1.8
1.73
Low
23:30
JP
CPI
1.6
1.5
1.5
1.48
Low
05:00
JP
Leading Economic Index
111
109.9
110.2
110.22
Low
05:00
JP
Coincident Index
114.3
114.9
114.5
114.28
Low
05:00
JP
Leading Index MoM
1.1
0.1
0.3
0.15
Low
05:00
JP
CB Leading Index
111
109.9
110.2
110.30
Low
05:00
JP
Coincident Indicator MoM
-0.6
-1
-0.4
-0.68
Low
Wednesday, February 25, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:00
JP
Leading Index MoM
-
0.1
0.3
0.15
Low
22:00
JP
CB Leading Index
-
109.9
110.2
110.30
Low
22:00
JP
Coincident Indicator MoM
-
-1
-0.4
-0.68
Low
Friday, February 20, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
00:30
JP
S&P Global Composite PMI Flash
53.8
53.1
52.5
52.73
Low
00:30
JP
S&P Global Manufacturing PMI Flash
52.8
51.5
52
52.25
Medium
00:30
JP
S&P Global Services PMI Flash
53.8
53.7
53.3
53.65
Medium
00:30
JP
S&P Global Manufacturing PMI
52.8
51.5
51.3
51.58
Low
Thursday, February 19, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:30
JP
Inflation Rate YoY
1.5
2.1
1.9
1.80
High
23:30
JP
Core Inflation Rate YoY
2
2.4
2.3
2.22
Medium
23:30
JP
Inflation Rate Ex-Food and Energy YoY
2.6
2.9
2.8
2.72
Low
00:00
JP
Reuters Tankan Index
13
7
9
9.67
Low
Wednesday, February 18, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Machinery Orders MoM
19.1
-11
8.5
10.65
Medium
23:50
JP
Machinery Orders YoY
16.8
-6.4
2
2.68
Medium
00:00
JP
Reuters Tankan Index
13
7
9
9.67
Low
Tuesday, February 17, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Balance of Trade
0.46
-0.06
-0.18
0.05
Medium
23:50
JP
Exports YoY
16.8
5.1
12
13.53
Medium
23:50
JP
Imports YoY
-2.5
5.2
3
1.32
Low
Monday, February 16, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
04:30
JP
Industrial Production MoM
-0.1
-2.7
-0.1
-0.13
Low
04:30
JP
Capacity Utilization
1.3
-5.3
3
1.05
Low
04:30
JP
Industrial Production YoY
2.6
-2.2
2.6
3.43
Low
Sunday, February 15, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
GDP Private Consumption QoQ
0.1
0.4
0.2
0.23
Low
23:50
JP
GDP External Demand QoQ
0
-0.2
0.1
0.05
Low
23:50
JP
GDP Capital Expenditure QoQ
0.2
-0.2
156013
117010.08
Low
23:50
JP
GDP Price Index YoY
3.4
3.4
3.5
3.48
Low
23:50
JP
Gross Domestic Product QoQ
0
-0.3
0.1
0.12
Low
23:50
JP
Gross Domestic Product YoY
0.2
-2.6
1.6
0.90
Medium
Wednesday, February 11, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Producer Price Index MoM
0.2
0.1
0.2
0.17
Low
23:50
JP
Producer Price Index YoY
2.3
2.4
2.3
2.28
Low
08:00
JP
Machine Tool Orders YoY
25.3
10.9
9.5
11.35
Low
Monday, February 9, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
05:00
JP
Eco Watchers Survey Outlook
50.1
50.5
50.3
50.25
Low
05:00
JP
Eco Watchers Survey Current
47.6
48.6
48.8
48.87
Low
Sunday, February 8, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Current Account
7288
3674
1400
2202.13
Medium
23:50
JP
Bank Lending YoY
4.5
4.4
4.6
4.63
Low
23:30
JP
Overtime Pay YoY
0.9
1.2
1.6
1.83
Low
23:30
JP
Average Cash Earnings YoY
2.4
0.5
1
1.02
Low
Friday, February 6, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
05:00
JP
Coincident Index
114.5
114.9
115.3
115.08
Low
05:00
JP
Leading Economic Index
110.2
109.9
110.3
110.32
Low
05:00
JP
CB Leading Index
110.2
109.9
109.8
109.90
Low
03:00
JP
CB Leading Index
-
109.9
109.8
109.90
Low
Thursday, February 5, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:30
JP
Household Spending YoY
-2.6
2.9
3.2
2.28
Medium
23:30
JP
Household Spending MoM
-2.9
6.2
-2
-2.12
Medium
Wednesday, February 4, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
00:30
JP
S&P Global Composite PMI
53.1
51.1
52.8
52.80
Low
00:30
JP
S&P Global Services PMI
53.7
51.6
53.4
53.30
Low
00:30
JP
Services PMI
53.1
51.1
52.8
52.90
Low
00:30
JP
Jibun Bank Services PMI
53.7
51.6
53.4
53.25
Medium
Monday, February 2, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Monetary Base YoY
-9.5
-9.8
-10.3
-10.60
Low
00:30
JP
S&P Global Manufacturing PMI
51.5
50
51.5
51.78
Low
00:30
JP
Jibun Bank Manufacturing PMI
51.5
50
51.5
51.67
Low
Friday, January 30, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
05:00
JP
Housing Starts YoY
-1.3
-8.5
-4.4
-5.10
Medium
05:00
JP
Construction Orders YoY
20.2
9.5
-3
-0.60
Low
Thursday, January 29, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Industrial Production YoY
2.6
-2.2
-1.3
-0.47
Low
23:50
JP
Retail Sales YoY
-0.9
1.1
0.9
1.02
Medium
23:30
JP
Jobs/applications ratio
1.19
1.18
1.18
1.18
Low
23:30
JP
Unemployment Rate
2.6
2.6
2.6
2.62
Medium
23:30
JP
CPI
1.5
2
1.8
1.78
Low
23:30
JP
Core CPI YoY
2
2.3
2.2
2.13
Low
05:00
JP
Consumer Confidence
37.9
37.2
37.6
37.87
High
Tuesday, January 27, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
05:00
JP
Coincident Index
114.9
115.9
115.2
114.98
Low
Monday, January 26, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
05:00
JP
Leading Economic Index
109.9
109.8
110.5
110.52
Low
05:00
JP
Coincident Indicator MoM
-1
-1.3
-0.7
-0.98
Low
05:00
JP
Leading Index MoM
0.1
0.9
0.7
0.55
Low
05:00
JP
CB Leading Index
109.9
109.8
110.5
110.60
Low
Friday, January 23, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
03:00
JP
BoJ Interest Rate Decision
-
0.75
0.75
0.75
High
00:30
JP
S&P Global Composite PMI Flash
-
51.1
50.9
51.13
Low
00:30
JP
S&P Global Services PMI Flash
-
51.6
51.5
51.85
Medium
00:30
JP
S&P Global Manufacturing PMI Flash
-
50
50.3
50.55
Medium
00:30
JP
Jibun Bank Manufacturing PMI
-
50
50.1
50.27
Low
Thursday, January 22, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:30
JP
Inflation Rate Ex-Food and Energy YoY
-
3
2.8
2.72
Low
23:30
JP
Core Inflation Rate YoY
-
3
2.8
2.72
Medium
23:30
JP
Inflation Rate YoY
-
2.9
2.7
2.60
High
23:30
JP
Inflation Rate MoM
-
0.4
0.2
0.40
Low
Wednesday, January 21, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Balance of Trade
-
0.06
-0.06
0.17
Medium
23:50
JP
Imports YoY
-
1.3
3.6
1.93
Low
23:50
JP
Exports YoY
-
6.1
6.1
7.63
Medium
Monday, January 19, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
04:30
JP
Capacity Utilization
-5.3
3.3
0.8
-1.15
Low
04:30
JP
Industrial Production YoY
-2.2
1.6
-2.1
-1.27
Low
04:30
JP
Industrial Production MoM
-2.7
1.5
-2.6
-2.63
Low
04:30
JP
Tertiary Industry Index MoM
-0.2
0.9
0.3
0.05
Low
Sunday, January 18, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Machinery Orders MoM
-11
7
-4
-1.85
Medium
23:50
JP
Machinery Orders YoY
-6.4
12.5
13.2
13.88
Medium
Wednesday, January 14, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Producer Price Index MoM
0.1
0.3
0.1
0.07
Low
23:50
JP
Producer Price Index YoY
2.4
2.7
2.4
2.38
Low
23:00
JP
Reuters Tankan Index
7
10
11
11.67
Low
06:00
JP
Machine Tool Orders YoY
10.6
14.2
14.2
16.05
Low
00:00
JP
Reuters Tankan Index
7
10
11
11.67
Low
Tuesday, January 13, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
05:00
JP
Eco Watchers Survey Outlook
50.5
50.3
50.5
50.45
Low
05:00
JP
Eco Watchers Survey Current
48.6
48.7
48.8
48.87
Low
Monday, January 12, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Bank Lending YoY
4.4
4.2
4.1
4.13
Low
23:50
JP
Current Account
3674
2834
3594
4396.13
Medium
Friday, January 9, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
05:00
JP
Coincident Index
115.2
115.9
116.2
115.98
Low
05:00
JP
Leading Economic Index
110.5
109.8
110.4
110.42
Low
05:00
JP
Leading Index MoM
0.7
0.9
1.8
1.65
Low
05:00
JP
Coincident Indicator MoM
-0.7
1
0.5
0.22
Low
05:00
JP
CB Leading Index
110.5
109.8
110.4
110.50
Low
Thursday, January 8, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:30
JP
Household Spending MoM
6.2
-3.5
2.7
2.58
Medium
23:30
JP
Household Spending YoY
2.9
-3
-0.9
-1.82
Medium
05:00
JP
Consumer Confidence
37.2
37.5
37.8
38.07
High
Wednesday, January 7, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:30
JP
Overtime Pay YoY
1.2
1.5
1.4
1.63
Low
23:30
JP
Average Cash Earnings YoY
0.5
2.6
2.3
2.32
Low
00:30
JP
S&P Global Composite PMI
51.1
52
51.5
51.50
Low
00:30
JP
S&P Global Services PMI
51.6
53.2
52.5
52.40
Low
00:30
JP
Jibun Bank Services PMI
51.6
53.2
52.5
52.35
Medium
Monday, January 5, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Monetary Base YoY
-9.8
-8.7
-8
-8.30
Low
00:30
JP
S&P Global Manufacturing PMI
50
48.7
49.7
49.98
Low
00:30
JP
Jibun Bank Manufacturing PMI
50
48.7
49.7
49.87
Low
Friday, December 26, 2025
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Retail Sales MoM
-
1.6
0.3
1.02
Low
23:50
JP
Retail Sales YoY
-
1.7
0.9
1.02
Medium
Thursday, December 25, 2025
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Industrial Production YoY
-2.1
1.6
1.4
2.23
Low
23:50
JP
Retail Sales MoM
0.6
1.6
0.3
1.02
Low
23:50
JP
Retail Sales YoY
1
1.7
0.9
1.02
Medium
23:30
JP
Core CPI YoY
2.3
2.8
2.5
2.43
Low
23:30
JP
Unemployment Rate
2.6
2.6
2.6
2.62
Medium
23:30
JP
Jobs/applications ratio
1.18
1.18
1.18
1.18
Low
23:30
JP
CPI
2.6
2.7
2.5
2.48
Low
05:00
JP
Construction Orders YoY
9.5
-10.1
12
14.40
Low
05:00
JP
Housing Starts YoY
-8.5
3.2
0.4
-0.30
Medium
Wednesday, December 24, 2025
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
06:30
JP
Coincident Indicator MoM
-
-1.3
0.5
0.22
Low
06:30
JP
Leading Index MoM
-
0.9
1.8
1.65
Low
05:30
JP
Coincident Indicator MoM
-
-1.3
0.5
0.22
Low
05:30
JP
Leading Index MoM
-
0.9
1.8
1.65
Low
05:00
JP
Leading Economic Index
109.8
108.2
110
110.02
Low
05:00
JP
Coincident Index
115.9
114.9
115.4
115.18
Low
05:00
JP
Leading Index MoM
-
0.9
1.8
1.65
Low
05:00
JP
CB Leading Index
109.8
108.6
110
110.10
Low
05:00
JP
Coincident Indicator MoM
-
-1.3
0.5
0.22
Low
Friday, December 19, 2025
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
03:30
JP
BoJ Interest Rate Decision
0.75
0.5
0.75
0.75
High
03:00
JP
BoJ Interest Rate Decision
0.75
0.5
0.75
0.75
High
Thursday, December 18, 2025
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:30
JP
Inflation Rate YoY
2.9
3
2.9
2.80
High
23:30
JP
Core Inflation Rate YoY
3
3
3
2.92
Medium
23:30
JP
Inflation Rate MoM
0.4
0.4
0
0.20
Low
23:30
JP
Inflation Rate Ex-Food and Energy YoY
3
3.1
3.1
3.03
Low
23:30
JP
CPI
3
3
3
2.98
Medium
Tuesday, December 16, 2025
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:50
JP
Balance of Trade
0.06
0.07
-0.2
0.02
Medium
23:50
JP
Machinery Orders YoY
12.5
11.6
3.6
4.28
Medium
23:50
JP
Exports YoY
6.1
3.6
4.8
6.33
Medium
23:50
JP
Imports YoY
1.3
0.7
2.5
0.82
Low
23:50
JP
Machinery Orders MoM
7
4.2
-2.3
-0.15
Medium
00:30
JP
S&P Global Services PMI Flash
52.5
53.2
51.6
51.95
Medium
00:30
JP
S&P Global Manufacturing PMI Flash
49.7
48.7
49.5
49.75
Medium
00:30
JP
S&P Global Composite PMI Flash
51.5
52
51.9
52.13
Low
00:30
JP
Jibun Bank Manufacturing PMI
49.7
48.7
49
49.17
Low
Symbol
Price
Analysis and Forecast
Japan Industrial Production Growth Slows in January 2026 Industrial production measures the output of factories, mines, and utilities, reflecting overall manufacturing activity. Japan’s industrial production rose 2.30% compared to January last year, down from December’s 2.60% but above the 1.20% forecast. The latest data, released on February 26, 2026, signals a continued expansion in Japan’s manufacturing sector, though growth momentum has eased slightly after a strong finish to 2025. Analysts at Goldman Sachs note that while the slowdown suggests some cooling demand, the sector remains resilient amid global uncertainties and ongoing supply chain adjustments. The Bank of Japan’s accommodative monetary policy continues to support industrial output, but external risks such as trade tensions and currency fluctuations could temper future gains. “The steady growth in industrial production highlights Japan’s gradual recovery, but cautious optimism is warranted given the mixed signals from global markets,” said Haruto Tanaka, senior economist at Nomura Securities.
January’s 2.3% YoY print compares to December’s 2.6% and a 12-month average of 1.7%. The latest figure marks the third consecutive positive reading, following a volatile end to 2025. November’s 3.8% surge remains the recent peak, while October’s -1.6% contraction underscores the sector’s sensitivity to global demand shifts.
Output momentum has cooled since late 2025, but the headline remains above trend. The gap between actual and consensus (1.1pp) highlights ongoing resilience in key export sectors.