FX.co ★ Japan’s 2‑Month Ahead Industrial Production Forecast Jumps 4.5% in August, Rebounding From Flat July

Japan’s industrial outlook saw a notable improvement as the 2‑month ahead Industrial Production forecast rose by 4.5% month-over-month in August 2025, after registering no growth (0.0%) in July 2026. The latest data, updated on 30 July 2026, indicate a strong anticipated pick-up in activity compared with the stagnant outlook recorded in the previous month.

The indicator measures the expected change in industrial production two months ahead, comparing each month’s forecast with that of the preceding month. The shift from a flat reading to a solid 4.5% gain suggests that Japanese manufacturers may be preparing for firmer demand conditions, reversing the subdued expectations that prevailed earlier.