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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
JapanJapan PPI MoM held to 0.3% in December 2024
FMPMonthlyReleased January 2025
Japan PPI MoM held to 0.3% in December 2024, released January 2025. The print came in cooler than the 0.4% consensus, a softer print than forecasters anticipated. The print is running well above the 12-month average of 0.21%. Over the past 3 months, PPI MoM averaged 0.25%, vs 0.03% in the prior 3-month window. PPI MoM is now the highest in 6 months.
Latest Release
0.3
Actual
0.4
Consensus
0.3
Previous
Median Absolute Error
±0.16 percentage points
across last 12 releases
Last Call
Jan 2025
Predicted: 0.48
Actual: 0.3
Error: +0.18
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
PPI MoM (Japan) was reported at 0.3% in January 2025. This missed the market consensus of 0.4% by 0.1%. The reading was unchanged from the previous release.
WHY IT MATTERS
The trailing three releases averaged 0.27%, up from the prior three at 0.03%.
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 0.16%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Core Inflation Rate YoY (Oct 22) and Inflation Rate YoY (Oct 22).
Auto-generated from current model state · Refreshes on each release · Last update January 2025.
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PPI MoM - JP
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About PPI MoM — Japan
DEFINITION
PPI MoM stands for Producer Price Index Month-over-Month and is a key economic indicator used to measure the average change in prices received by domestic producers for their goods and services over a one-month period. This indicator provides valuable insights into inflationary pressures in the economy and is closely monitored by policymakers, investors, and businesses to make informed decisions. A higher PPI MoM indicates rising prices, while a lower PPI MoM suggests a decrease in prices, making it an essential tool for understanding the current state of the economy.
WHY THIS INDICATOR MATTERS
Inflation prints feed directly into central-bank policy expectations and real-yield calculations, and are among the most rate-sensitive releases on the calendar. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Dec 2024): actual 0.3 %, consensus 0.4 %. Prior reading (Nov 2024): 0.3 %. Before that (Oct 2024): 0.2 %.
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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Economic Calendar - JP Events
| Thursday, October 22, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 23:30 | JP | Inflation Rate YoY | 2.7 | 1.9 | 2.3 | 2.40 | High |
| 23:30 | JP | Inflation Rate MoM | 0.4 | 0.1 | 0.4 | 0.43 | Low |
| Friday, October 23, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 00:30 | JP | S&P Global Manufacturing PMI | 54.1 | 54.5 | 54.60 | Medium | |
| 00:30 | JP | S&P Global Composite PMI | 52.3 | 51.9 | 52.05 | Low | |
| 00:30 | JP | S&P Global Services PMI | 51.3 | 51.3 | 50.75 | Medium | |
| Monday, October 26, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 05:00 | JP | Coincident Indicator MoM | 1.7 | -1.9 | -1.90 | Low | |
| 05:00 | JP | Leading Index MoM | 1.5 | 0.4 | 0.40 | Low | |