FX.co ★ Japan’s Industrial Output Outlook Cools as September Forecast Growth Halves to 3.2%

Japan’s industrial production outlook has weakened, with the one-month-ahead forecast for September 2026 showing a notable slowdown in expected growth. According to data updated on 29 September 2026, the industrial production forecast rose 3.2% month-over-month, down sharply from a 6.4% month-over-month increase projected in August 2026.

The figures indicate that, while output is still expected to expand, the pace of anticipated growth has moderated significantly compared with the previous month. The “actual” September reading reflects the projected change in industrial production versus August, whereas the “previous” August indicator measured the change compared with July. This deceleration in the forecast suggests a more cautious near-term outlook for Japan’s industrial sector heading into the autumn period.