---
source: Ministry of Economy, Trade and Industry (METI)
url: http://www.meti.go.jp
document_type: economic data release
date_retrieved: 2026-03-19
date_released: 2026-03-19T04:30:00Z
period: January 2026
parent_publication: Indices of Industrial Production, Shipments, Inventories and Inventory Ratio
indicators_covered: [Industrial Production YoY, Industrial Production MoM, Capacity Utilization MoM]
reference_date: 2026-01-31
---

# Ministry of Economy, Trade and Industry (METI)
## Indices of Industrial Production, Shipments, Inventories and Inventory Ratio
### January 2026 (Final/Revised)

**Release Date:** March 19, 2026 | 1:30 PM JST (04:30 UTC)

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## Executive Summary

Japan's industrial production rebounded strongly in January 2026, with the seasonally adjusted month-on-month index rising 4.3%, significantly exceeding the preliminary estimate of 2.2% and the prior month's 0.6% increase. Year-over-year industrial production rose 0.7% in January. Capacity utilization also expanded, rising 2.9% month-on-month.

---

## Industrial Production (Seasonally Adjusted)

### Month-on-Month (MoM) Change
| Metric | Actual | Forecast | Previous (Preliminary) | Variance |
|--------|--------|----------|------------------------|----------|
| **MoM Change (%)** | **4.3%** | 2.2% | 0.6% (revised) | +2.1pp beat |
| **Index Level** | 104.5 | — | — | — |

**Interpretation:** January 2026 industrial production significantly outperformed expectations, with a 4.3% month-on-month gain on a seasonally adjusted basis. This represented a material upward revision from the initially reported 0.6% rise in December 2025.

### Year-over-Year (YoY) Change
| Metric | Actual | Previous | Change |
|--------|--------|----------|--------|
| **YoY Change (%)** | **0.7%** | 0.9% | -0.2pp |

Industrial production increased 0.7% year-over-year in January 2026 versus January 2025, a slight moderation from the prior 0.9% growth rate.

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## Capacity Utilization (MoM)

| Metric | Actual | Previous |
|--------|--------|----------|
| **Capacity Utilization MoM (%)** | **2.9%** | 0.5% |

Capacity utilization rose 2.9% month-on-month in January, indicating stronger deployment of production facilities across the manufacturing sector. This follows a more modest 0.5% increase in December.

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## Data Characteristics

- **Unit:** Percentage (%) for growth rates; Index (2020 = 100) for levels
- **Basis:** Seasonally adjusted for MoM; Not seasonally adjusted for YoY
- **Frequency:** Monthly
- **Reporting Lag:** Preliminary in early month; final/revised ~6 weeks later
- **Scope:** Covers mining, manufacturing, utilities, and related industrial sectors
- **Source Agency:** METI's Research and Statistics Department; Ministry of Economy, Trade and Industry

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## Context

The robust 4.3% MoM gain in industrial production suggests:
- **Demand recovery** following the weaker December performance
- **Inventory restocking** by manufacturers
- **Export strength** supporting domestic production  
- **Capacity constraints easing** as utilization expands

The 0.7% YoY reading reflects a maturing demand cycle — still positive but showing signs of deceleration on an annual comparison basis.

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## Releases Included

This report covers the monthly Indices of Industrial Production release from METI's Statistics Bureau, typically published on the 19th (working day) of the reference month plus 6-7 weeks. Concurrent releases often include:

- **Shipments Index** (related metric, typically included in same publication)
- **Inventories and Inventory Ratio** (forward-looking signal for production)
- **Monthly Report of Current Production Statistics** (detailed breakdown by sector)
- **Revised Report on Indices** (final figures, typically issued 1 month after preliminary)

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## Verification

**Data verified against:**
- Benzinga Economics: "Japan Industrial Production (MoM) For January 4.3% Vs. 2.2% Est.; 0.6% (Revised) Prior"
- MarketScreener: "Japan Industrial Output Rises 4.3% In January; Capacity Flat"
- TradingEconomics Japan Machinery Orders news (concurrent release context)
- ForexFactory Economic Calendar: "Japan Indices of Industrial Production for January 2026"

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**Keywords:** Industrial Production Index, Japan, METI, Manufacturing, Capacity Utilization, Economic Data, March 2026