Japan Manufacturing Production Index and PMI

by Eduardo Petazze
In April 2014 Manufacturing production grew by 3.8% Y/Y (-2.8% M/M)
The METI of Japan has released the industrial production indices for April 2014
Final April 2014 data: pdf, 50 pages
Operation ratio +7.2% Y/Y (-2.2% M/M)
Production capacity -2.0% Y/Y (-0.9% M/M) at 95.2%
Provisional data for April 2014: pdf, 76 pages
Shipments increased 2.4% Y/Y (-5.0% M/M)
Inventories decreased 1.9% Y/Y (-0.5% M/M)
Outlook:. +1.7% M/M in May'14 and -2.0% M/M in Jun14

Production Index by Use of Goods

SA 2010=100
201312 201401 201402 201403 201404 201405 201406 201407 201408 201409
Mining and manufacturing
100.0 103.9 101.5 102.2
99.3 102.0 100.4 102.5 102.5 102.9
Final demand goods
101.2 107.3 103.7 104.4 101.5 103.7 102.4 104.7 104.9 105.2
Investment goods
106.9 113.1 108.7 108.3 109.6 111.6 109.8 112.1 112.2 111.6
Capital goods
106.8 114.1 109.8 109.1 109.6 111.3 109.5 112.4 112.6 111.6
Construction goods
107.5 109.5 105.0 105.7 107.3 110.5 109.7 111.3 111.2 111.7
Consumer goods
96.5 101.5
99.1 100.4
94.7
97.1
95.9
98.3
98.3
99.0
Durable consumer goods
93.4
99.2
93.9
96.7
92.8
95.7
93.7
96.1
96.5
98.4
Non-durable consumer goods
99.1 103.1 103.2 103.7
96.8
99.8
98.6 100.6 100.4
99.7
Producer goods
98.8 100.8
99.3 100.1
97.4 100.1
98.7 100.3 100.2 100.6
For mining and manufacturing
99.2 101.3
99.6 100.4
97.9 100.8
99.1 100.7 100.7 101.1
For other uses
94.4
95.6
95.8
98.3
92.4
93.6
93.8
94.8
94.0
94.5
Last data
M/M change
201312 201401 201402 201403 201404 201405 201406 201407 201408 201409
Mining and manufacturing
0.5% 3.9% -2.3% 0.7% -2.8% 2.7% -1.5% 2.0% 0.1% 0.3%
Final demand goods
0.0% 6.0% -3.4% 0.7% -2.8% 2.2% -1.3% 2.3% 0.2% 0.3%
Investment goods
1.3% 5.8% -3.9% -0.4% 1.2% 1.8% -1.6% 2.1% 0.1% -0.5%
Capital
1.3% 6.8% -3.8% -0.6% 0.5% 1.6% -1.6% 2.6% 0.2% -0.9%
Construction
1.6% 1.9% -4.1% 0.7% 1.5% 3.0% -0.7% 1.4% -0.1% 0.5%
Consumer goods
-0.4% 5.2% -2.4% 1.3% -5.7% 2.5% -1.2% 2.5% 0.0% 0.7%
Durable
-0.4% 6.2% -5.3% 3.0% -4.0% 3.1% -2.1% 2.6% 0.4% 1.9%
Non-durable
0.0% 4.0% 0.1% 0.5% -6.7% 3.1% -1.2% 2.0% -0.1% -0.7%
Producer goods
0.8% 2.0% -1.5% 0.8% -2.7% 2.8% -1.5% 1.6% -0.1% 0.4%
For mining & mfg.
0.8% 2.1% -1.7% 0.8% -2.5% 3.0% -1.7% 1.7% 0.0% 0.4%
For other uses
0.1% 1.3% 0.2% 2.6% -6.0% 1.3% 0.3% 1.0% -0.9% 0.5%
Own estimate
2012 2013
97.8 97.0
99.6 97.9
102.6 101.4
102.8 100.5
102.1 104.5
96.7 94.5
93.5 89.3
99.6 99.2
96.0 96.1
95.9 96.3
96.8 94.4
Last data
2012 2013
0.6% -0.8%
0.8% -1.7%
-1.2% -1.2%
-2.3% -2.2%
2.5% 2.3%
3.0% -2.2%
5.9% -4.5%
0.7% -0.3%
0.5% 0.1%
0.6% 0.4%
-0.6% -2.5%
Own estimate

2014
NSA 2010=100
201401 201402 201403 201404 201405 201406 201407
102.5 Mining and manufacturing
96.1
97.8 110.0
96.3
95.9 104.1 107.6
104.9 Final demand goods
96.6 100.5 116.5
96.8
96.4 106.7 110.2
111.6 Investment goods
103.6 107.1 131.4
99.5 100.6 112.0 112.7
112.1
Capital goods
103.6 108.4 137.0
98.7
99.8 112.6 112.7
109.6
Construction goods
103.8 102.6 112.9 102.1 102.3 109.0 111.5
98.7 Consumer goods
89.9
94.3 102.4
94.1
92.6 102.0 107.8
97.0
Durable consumer goods
92.4
93.6 101.3
87.4
88.0 101.6 107.4
100.4
Non-durable consumer goods
87.7
94.8 103.4 100.2
95.8 103.3 108.9
100.2 Producer goods
95.6
95.1 103.5
95.8
95.7 101.3 105.4
100.7 For mining and manufacturing
96.3
95.3 103.4
96.0
96.3 102.1 106.4
94.7 For other uses
88.4
92.7 104.8
93.6
89.4
93.4
95.1
2014
Y/Y
5.7% Mining and manufacturing
7.2% Final demand goods
10.0% Investment goods
11.5%
Capital
4.8%
Construction
4.4% Consumer goods
8.6%
Durable
1.1%
Non-durable
4.2% Producer goods
4.6% For mining & mfg.
0.2% For other uses

201401 201402 201403 201404 201405 201406 201407

10.6%
7.0%
7.4%
3.8%
3.0%
7.3%
3.4%
13.4%
8.2%
9.1%
6.1%
4.8%
8.3%
4.3%
16.5% 10.6%
9.7% 11.4%
8.1% 11.6%
7.4%
18.5% 12.3% 11.5% 13.8%
9.8% 12.9%
8.3%
10.9%
4.8%
3.0%
4.5%
2.2%
5.9%
3.5%
10.0%
5.8%
8.4%
1.1%
1.7%
5.5%
1.5%
16.5%
8.7% 13.3%
4.0%
5.5% 10.9%
5.4%
4.5%
3.3%
4.4% -1.0% -2.1%
2.0% -1.1%
7.8%
5.9%
5.6%
1.5%
1.6%
6.1%
2.7%
8.3%
6.1%
5.7%
1.9%
1.9%
6.8%
3.0%
2.0%
2.3%
4.1% -2.3% -1.5% -0.4% -1.1%

The Markit / JMMA Japan Manufacturing PMI posted at 49.9 in May14, up from 49.4 in Apr14,
The following table summarizes the evolution of the indicators discussed.
Mining and manufacturing
Mfg PMI SA
2010 = 100 NSA
Y/Y
SA
M/M Indicator change
2011
97.2
-2.8%
97.5
-2.6%
50.1
2012
97.8
0.6%
97.6
0.2%
48.8
2013
97.0
-0.8%
97.0
-0.6%
51.8
2014
102.5
5.7%
102.5
5.7%
Own estimate
Sep-12
97.1
-7.6%
94.0
-2.2%
48.0
0.3
Oct-12
97.0
-4.7%
94.3
0.3%
46.9
-1.1
Nov-12
95.2
-5.5%
93.4
-1.0%
46.5
-0.4
Dec-12
93.3
-7.6%
94.7
1.4%
45.0
-1.5
Jan-13
86.9
-6.4%
94.0
-0.7%
47.7
2.7
Feb-13
91.4 -10.0%
94.8
0.9%
48.5
0.8
Mar-13
102.4
-7.0%
95.1
0.3%
50.4
1.9
Apr-13
92.8
-3.2%
95.7
0.6%
51.1
0.7
May-13
93.1
-1.0%
97.7
2.1%
51.5
0.4
Jun-13
97.0
-4.7%
95.0
-2.8%
52.3
0.8
Jul-13
104.1
1.9%
97.6
2.7%
50.7
-1.6
Aug-13
92.1
-0.6%
97.1
-0.5%
52.2
1.5
Sep-13
102.2
5.3%
98.6
1.5%
52.5
0.3
Oct-13
102.2
5.4%
99.2
0.6%
54.2
1.7
Nov-13
99.8
4.8%
99.5
0.3%
55.1
0.9
Dec-13
100.0
7.2%
100.0
0.5%
55.2
0.1
Jan-14
96.1
10.6%
103.9
3.9%
56.6
1.4
Feb-14
97.8
7.0%
101.5
-2.3%
55.5
-1.1
Mar-14
110.0
7.4%
102.2
0.7%
53.9
-1.6
Apr-14
96.3
3.8%
99.3
-2.8%
49.4
-4.5
May-14
95.9
3.0%
102.0
2.7%
49.9
0.5
Jun-14
104.1
7.3%
100.4
-1.5%
Jul-14
107.6
3.4%
102.5
2.0%
Aug-14
97.7
6.1%
102.5
0.1%
Sep-14
107.6
5.3%
102.9
0.3%
Last data
Also see:
Input-Output Price Index of the Manufacturing Industry by Sector - Apr14
Regional Economic Report (Summary) (Apr. 2014)
Annual Survey of Corporate Behavior (Released in Japanese on February 28, 2014)
Press Release pdf, 5 pages
Summary pdf, 50 pages