Japan Macro Updates

Key takeaway: Japan’s preliminary industrial production release for May 2026, published by METI on June 30, delivered a second consecutive month of expansion but fell well short of expectations, pointing to a factory sector losing momentum just as the external demand outlook is clouding again. Output rose 0.5% month-on-month in May — matching April’s pace but less than half the 1.1% consensus forecast — while on an annual basis, production fell 1.7%, swinging from April’s 2.0% gain and marking the first year-on-year contraction in six months. The sectoral breakdown was sharply bifurcated: petroleum and coal products surged 9.1%, transport equipment excluding motor vehicles rose 4.6%, and inorganic and organic chemicals gained 3.7%, while general-purpose and business-oriented machinery collapsed 6.2%, information and communication electronics equipment fell 5.1%, and production machinery declined 3.6% — a rotation that suggests energy-related and chemicals output was buoyed by restocking activity tied to Middle East supply anxieties, even as the technology and machinery segments that had led Japan’s earlier expansion came under pressure. The miss on consensus — coming after April also fell short of its flash estimate — reinforces a pattern of headline output holding positive in sequential terms while the underlying pace of growth quietly erodes, and arrives at an awkward moment for the BOJ, which must now weigh a factory sector that is expanding but decelerating against core CPI running below target and household spending still in contraction — a combination that makes the case for further policy normalisation considerably harder to prosecute.

• Industrial Production increased 0.5% m-o-m in May 2026 (Expectations +1.1%)

12th Jun 2026

Key takeaway: Japan’s industrial production for April 2026, released in final form by METI on June 12, showed a recovery from March’s weakness but came in softer than the preliminary estimate had suggested. Output rose 0.5% month-on-month in April, reversing the 0.4% fall in March and marking the first increase in three months — though the final print fell short of the flash estimate of 0.8%, pointing to some loss of momentum late in the month. Shipments grew a more robust 1.3% on the month, while inventories and inventory ratios both declined — down 0.3% and 0.9% respectively — a combination that suggests demand is absorbing production rather than accumulating on shelves, and a moderately constructive signal for forward output. The April result extended Japan’s run of generally positive industrial momentum, with the broader context being five consecutive months of production increases, even as the trajectory has been uneven — January’s 4.3% surge, which was the fastest pace since at least June 2022, was followed by February’s 2.1% drop and March’s further decline. Taken alongside the S&P Global Japan Manufacturing PMI hitting a four-year high of 55.1 in April before easing to 54.5 in May, the industrial production data paints a picture of a factory sector expanding with genuine underlying momentum driven by semiconductor and AI-related demand — but one where the headline numbers are being modestly inflated by precautionary stockpiling ahead of potential Middle East supply disruptions, making the sustainability of the current pace difficult to assess.

• Industrial Production increased 0.5% m-o-m in Apr 2026 (Expectations +0.8%)

29th Apr 2026
Key takeaway: Japan’s preliminary industrial production data for March 2026, released by METI on April 29, delivered an unwelcome surprise. Factory output fell 0.5% month-on-month — marking the second consecutive monthly decline and confounding market expectations for a 1.1% gain — with production up just 2.3% year-on-year. Petroleum-based goods led the downturn, with polyethylene output collapsing 27% and polypropylene falling 15%, while gasoline production dropped 7.3% and diesel declined 14.3% — all direct consequences of supply disruptions stemming from the closure of the Strait of Hormuz. Japan maintains 1.8 months’ worth of inventory for intermediate chemical products and has largely been able to minimise the impact on downstream shipments so far, METI noted. The data put the Bank of Japan in a difficult position: surging oil prices and supply constraints are heightening inflationary pressure while simultaneously weighing on an economy that relies on the Middle East for some 95% of its crude oil — in a rare move signalling its alarm, the BOJ released a risk scenario in which core consumer inflation hovers around 3% for two consecutive years. Looking ahead, manufacturers forecast output to fall a further 0.5% in April before rebounding 2.2% in May, suggesting the worst of the immediate shock may be near its trough.  

• Industrial Production decreased 0.5% m-o-m in Mar 2026 (Expectations +1.1%)

31st Mar 2026

Key takeaway: Japan’s preliminary industrial production data for February 2026, released by the Ministry of Economy, Trade and Industry (METI) on March 31, showed output pulling back after a strong start to the year. Industrial production declined 2.1% month-on-month in February, matching market estimates and reversing the 4.3% surge in January — marking the first monthly drop since November 2025. The retreat was largely a payback for January’s exceptional rebound, which had been the fastest growth in at least three years as manufacturers resumed output following year-end maintenance. The February decline was dragged by lower output for motor vehicles (-3.6%, reversing January’s 8.1% jump), fabricated metals (-5.9%), and electronic parts and devices (-3.1%), while production grew for iron, steel and non-ferrous metals (+2.3%), chemicals (+1.3%), and pulp, paper and paper products (+1.6%). On an annual basis, the picture was more encouraging — output grew 0.3% year-on-year, accelerating from a 0.7% rise in January and pointing to a third consecutive month of annual expansion. Looking ahead, METI’s Survey of Production Forecasts in Manufacturing indicated that Japanese industrial production is expected to rebound by 3.8% in March and by a further 3.3% in April, both on a month-on-month basis, suggesting manufacturers themselves view the February dip as a temporary consolidation rather than a sustained downturn.  

• Industrial Production decreased 2.1% m-o-m in Feb 2026 (Expectations -2.1%)

27th Feb 2026

Key takeaway: The latest data showed Industrial Production in Japan increased 2.2% in January. The decrease was however, worse than consensus expectations which called for an increase of 5.5%. Industrial Production data in Japan has been especially volatile in recent months. We have seen months of higher production data earlier in the year as manufacturers tried to front run US tariffs. However, Industrial Production in both Q3 and Q4 has been relatively weak. Japan Q3 GDP contracted for the first time in six quarters on the back of weaker exports and soft residential investment. Subsequently, industrial production recovered in the months of September and October and declined again in November and December. The new year has started with a decent industrial print number. Domestic consumption has remained robust and inflation continues to be well above the 2% target. All of these factors contributed to the BoJs monetary policy decision to raise rates by 25 bps at its December 19th meeting and the markets continue to expect further rate hikes this year.  

• Industrial Production increased 2.2% m-o-m in Jan 2026 (Expectations 5.5%)

30th Jan 2026

Key takeaway: The latest data showed Industrial Production in Japan decreased 0.1% in December. The decrease was however, better than consensus expectations which called for a decrease of 0.4%. Industrial Production data in Japan has been especially volatile in recent months. We have seen months of higher production data earlier in the year as manufacturers tried to front run US tariffs. However, Industrial Production in both Q3 and Q4 has been relatively weak. Japan Q3 GDP contracted for the first time in six quarters on the back of weaker exports and soft residential investment. Subsequently, industrial production recovered in the months of September and October and declined again in November and December. Meanwhile, domestic consumption has remained robust and inflation continues to be well above the 2% target. All of these factors contributed to the BoJs monetary policy decision to raise rates by 25 bps at its December 19th meeting.  

• Industrial Production decreased 0.1% m-o-m in Dec 2025 (Expectations -0.4%)

26th Dec 2025

Key takeaway: The latest data showed Industrial Production in Japan decreased 2.6% in November. The decrease was also worse than consensus expectations for an decrease of 2.0%. Industrial Production data in Japan has been especially volatile in recent months. We have seen months of higher production data earlier in the year as manufacturers tried to front run US tariffs. However, Q3 Industrial Production had been fairly soft. Japan Q3 GDP contracted for the first time in six quarters on the back of weaker exports and soft residential investment. Subsequently, industrial production recovered in the months of September and October and has declined again now in November. Domestic consumption has remained robust and inflation continues to be well above the 2% target. The latest November inflation print was Japan was mostly unchanged with headline, core and core-core measures all around 3%, well above the 2% target. All of these factors contributed to the BoJs monetary policy decision to raise rates by 25 bps at its December 19th meeting.  

• Industrial Production decreased 2.6% m-o-m in Nov 2025 (Expectations -2.0%)

28th Nov 2025

Key takeaway: The latest data showed Industrial Production in Japan increased by 1.4% in October. The increase was also better than consensus expectations for an decrease of 0.5%. Industrial Production data in Japan has been especially volatile in recent months. We have seen months of higher production data earlier in the year as manufacturers tried to front run US tariffs. However, Q3 Industrial Production had been fairly soft. Japan Q3 GDP contracted for the first time in six quarters on the back of weaker exports and soft residential investment. However, industrial production has been fairly strong in the months of September and October. Domestic consumption has remained robust and inflation continues to be well above the 2% target. All of these factors continue to weigh on the BoJs monetary policy decision. A rate hike at the December BoJ meeting looks increasingly likely.  

• Industrial Production increased 1.4% m-o-m in Oct 2025 (Expectations -0.5%)

31st Oct 2025

Key takeaway: The latest data showed Industrial Production in Japan increased by 2.2% in September. The increase was also better than consensus expectations for an increase of 1.5%. Industrial Production data in Japan has been especially volatile in recent months. We have seen months of higher production data earlier in the year as manufacturers tried to front run US tariffs. However, Q3 Industrial Production has been fairly muted as well. Even though overall exports performed well, there have been a number of months in the middle of 2025 when exports have consistently fallen y-o-y. Domestic consumption has remained robust and inflation continues to be well above the 2% target. All of these factors continue to weigh on the BoJs monetary policy decision. Markets still expect the BoJ to undertake a rate hike shortly.  

• Industrial Production increased 2.2% m-o-m in Sep 2025 (Expectations 1.5%)

30th Sep 2025

Key takeaway: The latest data showed Industrial Production in Japan decreased by 1.2% in August. The decrease was also worse than consensus expectations for a decrease of 0.7%. Industrial Production data in Japan has been especially volatile in recent months. We have seen months of higher production data earlier in the year as manufacturers tried to front run upcoming US tariffs. We then saw a couple of months of weak industrial production prints in April and May. Industrial production then rose in June and fell back down again in July and has now once again fallen further in August. The 3rd quarter industrial production numbers are hence much softer. This is likely to weigh on the BoJs decision at the upcoming monetary policy meetings. Calls for an incremental interest rate hike have been getting stronger. Overall, Industrial Production has remained muted in Japan during the whole of 2024 and 1H 2025. At the same time, it has been far from dismal. Exports have been generally performing well. Though it is worth noting that export growth has slowed substantially in the past 2-3 months. Domestic consumption has held up as well despite a weakening yen. Fluctuating, but muted, industrial production keeps BoJ on tenterhooks as it continues on its interest rate normalization path. Markets still expect the BoJ to undertake one rate hike before 2025 is over.  

• Industrial Production decreased 1.2% m-o-m in Aug 2025 (Expectations -0.6%)

29th Aug 2025

Key takeaway: The latest data showed Industrial Production in Japan decreased by 1.6% in July. The decrease was also worse than consensus expectations for a decrease of 1.1%. Industrial Production data in Japan has been especially volatile in recent months. We have seen months of higher production data earlier in the year as manufacturers tried to front run upcoming US tariffs. We then saw a couple of months of weak industrial production prints in April and May. Industrial production then rose in June and fell back down again in July. Overall, Industrial Production has remained muted in Japan during the whole of 2024 and 1H 2025. However, it has been far from dismal. Exports have been generally performing well. Though it is worth noting that export growth has slowed substantially in the past 2-3 months. Domestic consumption has held up as well despite a weakening yen. Fluctuating, but muted, industrial production keeps BoJ on tenterhooks as it continues on its interest rate normalization path. Markets still expect the BoJ to undertake one rate hike before 2025 is over.  

• Industrial Production decreased 1.6% m-o-m in Jul 2025 (Expectations -1.1%)

31st Jul 2025

Key takeaway: The latest data showed Industrial Production in Japan increased by 1.7% in June. The rise was also much higher than consensus expectations for an decrease of 0.7%. Industrial Production data in Japan has been especially volatile in recent months. We have seen certain months of higher production data as manufacturers tried to front run upcoming US tariffs. We then saw a couple of months of weak industrial production prints in April and May. Overall, Industrial Production has remained muted in Japan during the whole of 2024. However, it has been far from dismal. Exports have been generally performing well and domestic consumption held up as well despite a weakening yen. US tariffs remain the key uncertain element for the outlook for industrial production. The Ministry of Economy, Trade and Industry maintains its assessment that IP is fluctuating indecisively. It expects Industrial production to increase 1.8% in July and increase 0.8% in August.  

• Industrial Production increased 1.7% m-o-m in Jun 2025 (Expectations -0.7%)

29th Jun 2025

Key takeaway: The latest data showed Industrial Production in Japan increased by 0.5% in May. Even though IP increased, the rise was much lower than consensus expectations for an increase of 3.4%. Industrial Production data in Japan has been especially volatile in recent months. We have seen certain months of higher production data as manufacturers tried to front run upcoming US tariffs. However, the past couple of months have printed generally weak numbers. Overall, Industrial Production has remained muted in Japan during the whole of 2024. However, it has been far from dismal. Exports have been generally performing well and domestic consumption held up as well despite a weakening yen. US tariffs remain the key uncertain element for the outlook for industrial production. The Ministry of Economy, Trade and Industry maintains its assessment that IP is fluctuating indecisively. It expects Industrial production to increase 0.3% in June and decrease 0.7% in July.  

• Industrial Production increased 0.5% m-o-m in May 2025 (Expectations 3.4%)

30th May 2025

Key takeaway: The latest data showed Industrial Production in Japan decreased by 0.9% in April. However, the drop was lower than consensus expectations for a decline of 1.4%. Industrial Production data in Japan has been especially volatile in recent months. We have seen certain months of higher production data as manufacturers tried to front run upcoming US tariffs. Even though the latest month’s data showed a fall in production, last month’s figures were revised substantially higher. Overall, Industrial Production has remained muted in Japan during the whole of 2024. However, it has been far from dismal. Exports have been generally performing well and domestic consumption held up as well despite a weakening yen. The latest retail sales print also showed a continued pick up in domestic consumption. The Ministry of Economy, Trade and Industry maintains its assessment that IP is fluctuating indecisively. It expects Industrial production to increase 9% in May and decrease 3.4% in June.  

• Industrial Production decreased 0.9% m-o-m in Apr 2025 (Expectations -1.4%)

30th Apr 2025

Key takeaway: The latest data showed Industrial Production in Japan increased by 1.1% in March. Industrial Production shrank more than expected in March as manufacturers scaled back output amid heightened economic uncertainty on the back of US tariff policy. Industrial Production data in Japan has been especially volatile in recent months. We have seen certain months of higher production data as manufacturers tried to front run upcoming US tariffs. However, the latest month’s data showed a sharp fall in production. Overall, Industrial Production though has remained muted in Japan during the whole of 2024. However, it has been far from dismal. Exports have been generally performing well and domestic consumption held up as well despite a weakening yen. The Ministry of Economy, Trade and Industry maintains its assessment that IP is fluctuating indecisively. It expects Industrial production to increase 0.6% in March and increase 0.1% in April.  

• Industrial Production decreased 1.1% m-o-m in Mar 2025 (Expectations -0.4%)

30th Mar 2025

Key takeaway: The latest data showed Industrial Production in Japan increased by 2.5% in February. Industrial Production rose by the most in 11 months. Once again similar to other production related data that we have seen in the past few weeks, this print can also be attributed to front running American tariffs. Japanese automakers sought to increase manufacturing to meet strong demand out of the US before the new tariffs are implemented. Overall, Industrial Production though has remained muted in Japan during the whole of 2024. However, it has been far from dismal. Exports have been generally performing well and domestic consumption held up as well despite a weakening yen. The Ministry of Economy, Trade and Industry maintains its assessment that IP is fluctuating indecisively. It expects Industrial production to increase 0.6% in March and increase 0.1% in April.  

• Industrial Production increased 2.5% m-o-m in Feb 2025 (Expectations 1.9%)

28th Feb 2025

Key takeaway: The latest data showed Industrial Production in Japan decreased by 1.1% in January. The Index for the previous month of December was also revised downwards from +0.3% to minus 0.2%. Overall, Industrial Production has remained muted in Japan during the whole of 2024. However, it has been far from dismal. Exports have been generally performing well and domestic consumption held up as well despite a weakening yen. The Ministry of Economy, Trade and Industry maintains its assessment that IP is fluctuating indecisively. It expects Industrial production to increase 5% in February and increase 1.2% in March.  

• Industrial Production decreased 1.1% m-o-m in Jan 2025 (Expectations -1.0%)

30th Jan 2025

Key takeaway: The latest data showed Industrial Production in Japan increased by 0.3% in December, after having fallen 2.2% in November on the back of increases of 1.6% in September and 2.8% in October. Overall, Industrial Production has remained muted in Japan during the whole of 2024. However, it has been far from dismal. Exports have been generally performing well and domestic consumption help up as well despite a weakening yen. All of the factors together prompted a further rate hike from BoJ the week before. Despite some recent monthly gains, the Ministry of Economy, Trade and Industry maintains its assessment that IP is fluctuating indecisively. It expects Industrial production to increase in January and February.  

• Industrial Production increased 0.3% m-o-m in Dec 2024 (Expectations 0.3%)

26th Dec 2024

Key takeaway: Industrial Production has remained subdued in Japan through most of 2024. The latest data showed Industrial Production decreased by 2.3% in November, after having risen 1.6% in September and 2.8% in October. However, the decrease was still lower than consensus expectations of a decrease of 3.4%. Even though Industrial Production has posted decent gains in the past few months, the Ministry of Economy, Trade and Industry maintains its assessment that IP is fluctuating indecisively. It expects Industrial production to increase in December and January. At the same time, inflation in Japan as well as Tokyo has been printing higher than expected numbers. This has boosted the chances of a BoJ rate cut on the horizon. Overall Industrial Production has remained relatively muted in Japan also reflecting weaker global demand conditioins. But needs to be observed going forward to either improvement or marked deterioration.  

• Industrial Production decreased 2.3% m-o-m in Nov 2024 (Expectations -3.4%)

29th Nov 2024

Key takeaway: Industrial Production has remained subdued in Japan through most of 2024. However, the Index has risen for the past few months. The latest data showed Industrial Production increased a solid 3.0% in October, after having risen 1.6% in September. However, the 3.0% increase was still lower than consensus expectations of 3.8%. Also, the Ministry of Economy, Trade and Industry maintains its assessment that IP is fluctuating indecisively. It also expects Industrial production to fall in November and December. At the same time, inflation in Tokyo recently printed higher than expected. This has boosted the chances of a BoJ rate cut on the horizon. Overall Industrial Production has remained relatively muted in Japan. But needs to be observed going forward to either improvement or marked deterioration.  

• Industrial Production increased 3.0% m-o-m in Oct 2024 (Expectations +3.8%)

30th Oct 2024

Key takeaway: Industrial Production has remained subdued in Japan through most of 2024. However, the Index bounced back a bit in September. The latest release for Industrial Production Indexes in Japan showed that Production increased 1.4% m-o-m in September. While another rate hike is still on the horizon, continuing weaker data will keep posing obstacles to tightening monetary policy for the BoJ. It os also key to note that much of the woes in the Japanese manufacturing sector have been on account of the automobile industry where production remains subdued.  

• Industrial Production increased 1.4% m-o-m in Sep 2024 (Expectations +0.9%)

30th Sep 2024

Key takeaway: Industrial Production has remained subdued in Japan. The latest release for Industrial Production Indexes in Japan showed that Production decreased 3.3% m-o-m in August. Industrial Production had declined 3.6% in June as well but had increased 2.8% in July. This adds to signs that the country’s economic growth is losing momentum. While another rate hike is still on the horizon, continuing weaker data will keep posing obstacles to tightening monetary policy for the BoJ. The print was also worse than consensus estimates which were calling for a decrease of 0.5%. Much of the woes in the Japanese manufacturing sector have been on account of the automobile industry where production remains subdued.  

• Industrial Production decreased 3.3% m-o-m in Aug 2024 (Expectations -0.5%)

30th Jul 2024

Key takeaway: Generally speaking, Industrial Production has remained subdued in Japan. The latest release for Industrial Production Indexes in Japan showed that Production decreased 3.6% m-o-m in June. This offset the 3.6% gain seen in the previous month of May. The print, though, was better than consensus estimates which were calling for an decrease of 4.5%. Much of the woes in the Japanese manufacturing sector have been on account of the automobile industry. Some automotive production lines have been closed since June and are also expected to remain closed through August. In general, industrial production has been relatively soft in Japan. With inflation trending sideways and no clear indications on a sustainable consumption growth trend, BoJ’s task on monetary policy path remains tough.  

• Industrial Production decreased 3.6% m-o-m in June 2024 (Expectations -4.5%)

30th May 2024

Key takeaway: Generally speaking, Industrial Production has remained subdued in Japan. The latest release for Industrial Production Indexes in Japan showed that Production decreased 0.1% m-o-m in April. This was also much lower than consensus estimates which were calling for an increase of 1.5%. However, the decrease also comes on the back of a strong Industrial Production print the previous month March. In fact, the March figure was revised up from 3.8% to 4.4%. Industrial production had remained weak in the first quarter of 2024. A significant factor had been some of the shut downs witnessed in the Automobile industry early in the year. However, with auto production  having normalized, industrial activity was expected to continue gaining momentum.  Hence the negative 0.1% print for April comes as a surprise. In any case, monthly prints of Industrial Production tend to be volatile. In general, industrial production has been relatively soft in Japan. With inflation trending sideways and no clear indications on a sustainable consumption growth trend, BoJ’s task on monetary policy path remains tough.  

• Industrial Production decreased 0.1% m-o-m in Apr 2024 (Expectations 1.5%)

29th Apr 2024

Key takeaway: Industrial production Indexes usually fluctuate significantly. Hence it is very difficult to make meaningful inferences based on individual monthly data points. However, generally if you zoom back, you will notice trendlines in production and manufacturing activity, shipments and inventories which turn downwards during periods of weakness in the economy and vice versa. Generally speaking, Industrial Production has remained subdued in Japan. The latest release for Industrial Production Indexes in Japan showed that Production increased by a healthy 3.8% m-o-m in March. This was also higher than consensus estimates which were calling for an increase of 3.3%. However, the sharp increase also comes on the back of weak Industrial Production prints in January and February (see comments below). Similarly, Shipments rose a healthy 4.3% and Inventories rose 1.1% in March. Overall though, industrial production has remained weak in the first quarter of 2024. Retail Sales also fell 1.2% m-o-m in March suggesting domestic activity remained muted. However, with the auto production shutdowns witnessed earlier in the year having normalized, industrial activity is expected to continue gaining momentum. Separately, as the global semi-conductor cycle strengthens, production in the semi conductor industry is likely to improve as well giving a boost to overall IP in Japan.   

• Industrial Production increased 3.8% m-o-m in Mar 2024 (Expectations 3.3%)

29th Mar 2024

Key takeaway: Industrial production Indexes usually fluctuate significantly. Hence it is very difficult to make meaningful inferences based on individual monthly data points. However, generally if you zoom back, you will notice trendlines in production and manufacturing activity, shipments and inventories which turn downwards during periods of weakness in the economy and vice versa. Generally speaking, Industrial Production has remained subdued in Japan. The latest release for Industrial Production Indexes in Japan showed that Production fell slightly by 0.1% in February from the previous month. Similarly, shipments also decreased 0.4%. Inventories increased 0.6% m-o-m. The production numbers were weaker than consensus estimates. The drop though was mostly attributable to production shutdowns in the automotive sector and can be considered a one off event. Separately, as the global semi-conductor cycle strengthens, production in the semi conductor industry is likely to improve as well giving a boost to overall IP in Japan. Retail Sales for the month of February came in stronger than expected and hence even with a weak IP, Japanese monetary policy is likely to stay its course (with the recent increase in rates).    

• Industrial Production decreased 0.1% m-o-m in Feb 2024 (Expectations 1.2%)

28th Feb 2024

Key takeaway: Industrial production Indexes usually fluctuate significantly. Hence it is very difficult to make meaningful inferences based on individual monthly data points. However, generally if you zoom back, you will notice trendlines in production and manufacturing activity, shipments and inventories which turn downwards during periods of weakness in the economy and vice versa. The latest release for Industrial Production Indexes in Japan showed that Production fell sharply by 7.5% in January from the previous month. Similarly, shipments also decreased 8.3%. Inventories declined a moderate 1.8% m-o-m.  

• Industrial Production decreased 7.5% m-o-m in Jan 2024 (Expectations -6.7%)

31st Jan 2024

Key takeaway: Industrial production Indexes usually fluctuate significantly. Hence it is very difficult to make meaningful inferences based on individual monthly data points. However, generally if you zoom back, you will notice trendlines in production and manufacturing activity, shipments and inventories which turn downwards during periods of weakness in the economy and vice versa. The latest release for Industrial Production Indexes in Japan showed that Production increased 1.8% in December from the previous month. Similarly, shipments also increased 2.6%. Inventories on the other hand declined 1.2% m-o-m.  

• Industrial Production increased 1.8% m-o-m in Dec 2023 (Expectations 2.4%)