FX.co ★ Japan’s Industrial Production Outlook Cools Sharply as 2-Month-Ahead Forecast Slows to 0.8%

Japan’s industrial production outlook has weakened notably, with the 2‑month‑ahead forecast easing to 0.8% in November 2025 on a month‑over‑month basis, down from a robust 3.1% in October 2026. The latest data, updated on 29 October 2026, signal a marked loss of momentum in anticipated factory output growth.

The month‑over‑month comparison shows that while production is still expected to expand, the pace of growth has slowed considerably compared with the previous reading. The “actual” figure for November reflects the projected change in output versus the prior month, whereas the “previous” figure for October captured the change relative to September. This deceleration in the forward-looking indicator suggests rising caution in Japan’s industrial sector as companies temper expectations for near‑term demand and production.