May Industrial Production

Japan's industrial production rose 0.5% in May, supported by a recovery in chemical output driven by alternative crude supply sources. Future production is expected to remain flat near-term due to energy cost pressures.

Key Takeaways

• 1.Japan's Indices of Industrial Production rose 0.5% MoM in May, marking a second consecutive increase.
• 2.Supply constraints for Middle Eastern crude oil have driven increased alternative procurement, supporting recovery in petrochemical production.
• 3.Mizuho forecasts Indices of Industrial Production to be roughly flat MoM in June due to ongoing energy cost pressures.

Table of Contents

• Result and thoughts
• The situation in the Middle East
• Mizuho Securities Forecast
• Important Disclosure Information
• Analyst Certification
• Disclaimer

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