Japan’s industrial production rises 1.5% in October; shipments strengthen, inventories ease

Japan’s industrial activity improved in October, with the seasonally adjusted industrial production index rising 1.5% month-on-month to 104.7according to the revised report released on Friday by the Ministry of Economy, Trade and Industry (METI). On a year-on-year basis, output was 1.6% higher than October 2024.

Shipments also recorded solid growth, climbing 1.7% month-on-month to 102.3while increasing 1.1% compared to the same period last year. The uptick reflects steady demand recovery across key manufacturing categories.

Inventories showed a mild rise, with the inventory index up 0.4% from September to 100.3though it remained 1.9% lower than a year ago. The inventory ratio continued to ease, falling 2.3% month-on-month to 104.0and marking a 2.2% decline year-on-year — a sign of improving stock management and supply-demand alignment.

METI’s revised figures point to a stabilizing manufacturing sector, supported by modest production gains and healthier inventory conditions as Japan moves deeper into the final quarter of the year.