Japan's November Industrial Output Shows Biggest Decline Since 1975

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Last updated at: (Beijing Time) Thursday, December 27, 2001

Japan's November Industrial Output Shows Biggest Decline Since 1975

Japan's industrial output production in November fell 13.1 percent from a year earlier, the largest decline since May 1975, the Japanese government said on Thursday.

Japan's industrial output production in November fell 13.1 percent from a year earlier, the largest decline since May 1975, the Japanese government said on Thursday.

The index of output at mines and factories fell a seasonally adjusted 1.8 percent from October to 90.9 against the 1995 base of 100, its lowest point since November 1987, said a preliminary report by Japan's Ministry of Economy, Trade and Industry (METI).

The year-to-year decline was the largest since output plummeted 14.7 percent in May 1975 in the aftermath of the 1973 oil crisis.

The report attributed the monthly drop in November to fallbacks from the robust output of electronics toys and passenger cars in October for export to the United States.

Output of those two items tumbled 50.8 percent and 11.6 percent, respectively, according to the report.

The index of industrial shipments shed 1.4 percent to 93.5, andthe index of industrial inventories slid 1.5 percent to 95.3, bothfor a third consecutive monthly drop, METI said in the report.

METI forecasts that manufacturing will pick up month-to-month in December by 2.1 percent, to be followed by a 0.4 percent rise in next January, as demand grows for new car models and computers for business year-end account settlements, a METI official said.

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