Japan Capacity Utilization MoM

Info

History

Chart

Impact:

Low

Source: Ministry of Economy Trade & Industry (METI)

Latest Release:

Date:

Surprise:

-2.7%

Actual:

-2.4%

Forecast: 0.3%

Previous/Revision:

-1.1%

Period: Mar

Next Release:

Date:

Forecast: -0.5%

Period: Apr

What Does It Measure?

Japan's Capacity Utilization MoM measures the proportion of potential economic output that is actually being utilized in the manufacturing sector. This indicator focuses on production levels, assessing how efficiently industries are operating relative to their maximum capacity.

Frequency

The Capacity Utilization MoM report is released monthly, typically published around the end of the following month, providing a preliminary estimate that may be revised in subsequent releases.

Why Do Traders Care?

Traders pay close attention to this indicator as it provides insights into economic activity and trends, influencing expectations for future growth and production levels. A higher-than-expected capacity utilization is generally bullish for the Japanese yen and equities, suggesting stronger economic health, while a lower reading may lead to bearish sentiment.

What Is It Derived From?

The Capacity Utilization MoM is calculated from industrial production data, which is collected through surveys of manufacturing firms in Japan, measuring actual production output against total production capacity. This calculation employs a diffusion index methodology, which assesses the percentage of firms operating at various capacity levels.

Description

The preliminary report reflects early estimates using data collected from periodic surveys and is subject to revision in later reports, which provide final figures based on more comprehensive data. The month-over-month comparison highlights short-term changes, allowing traders to gauge immediate shifts in manufacturing efficiency.

Additional Notes

Capacity Utilization is considered a coincident economic indicator, aligning closely with overall economic performance and providing insights into inflationary pressures. This metric is often analyzed alongside other industrial indicators, such as manufacturing output and Purchasing Managers' Index (PMI), to paint a broader picture of economic health in Japan.

Bullish or Bearish for Currency and Stocks

If the Capacity Utilization MoM is higher than expected: Bullish for JPY, Bullish for Stocks. If lower than expected: Bearish for JPY, Bearish for Stocks.

Legend

High Potential Impact
This event has a strong potential to move markets significantly. If the 'Actual' value differs enough from the forecast or if the 'Previous' value is significantly revised, it signals new information that markets may rapidly adjust to.

Medium Potential Impact
This event may cause moderate market movement, especially if the 'Actual' deviates from the forecast or there's a notable revision to the 'Previous' value.

Low Potential Impact
This event is unlikely to affect market pricing unless there's an unexpected surprise or a major revision to prior data.

Surprise - Currency May Strengthen
Actual deviated from Forecast on a medium or high impact event and historically could strengthen the currency.

Surprise - Currency May Weaken
Actual deviated from Forcast on a medium or high impact event and historically could weaken the currency.

Big Surprise - Currency More Likely To Strengthen
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely strengthen the currency.

Big Surprise - Currency More Likely To Weaken
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely weaken the currency

Green Number	Better than forecast for the currency (or previous revise better)
Red Number	Worse than forecast for the currency (or previous revise better)
Hawkish	Supports higher interest rates to fight inflation, strengthening the currency but weighing on stocks.
Dovish	Favors lower rates to boost growth, weakening the currency but lifting stocks.

Date	Actual	Forecast	Previous	Surprise
May 16, 2025	-2.4%	0.3%	-1.1%	-2.7%
Apr 14, 2025	-1.1%	-0.6%	4.5%	-0.5%
Mar 19, 2025	4.5%	0.4%	0.1%	4.1%
Feb 17, 2025	-0.2%	0.5%	-1.9%	-0.7%
Jan 20, 2025	-1.9%	0.2%	2.6%	-2.1%
Dec 13, 2024	2.6%	1%	4.4%	1.6%
Nov 15, 2024	4.4%	2.3%	-5.3%	2.1%
Oct 15, 2024	-5.3%	-1.3%	2.5%	-4%
Sep 13, 2024	2.5%	0.9%	-3.1%	1.6%
Aug 15, 2024	-3.1%	0.4%	4.1%	-3.5%
Jul 12, 2024	4.1%	0.2%	0.3%	3.9%
Jun 14, 2024	0.3%	-0.2%	1.3%	0.5%
May 16, 2024	1.3%	0.2%	-0.5%	1.1%
Apr 12, 2024	-0.5%	-0.2%	-7.9%	-0.3%
Mar 19, 2024	-7.9%	-0.2%	0.2%	-7.7%
Feb 15, 2024	-0.1%	0.4%	0.3%	-0.5%
Jan 18, 2024	0.3%	-0.4%	1.5%	0.7%
Dec 14, 2023	1.5%	0.6%	0.4%	0.9%
Nov 15, 2023	0.4%	0.4%	0.5%
Oct 16, 2023	0.5%	-0.8%	-2.2%	1.3%
Sep 14, 2023	-2.2%	1.4%	3.8%	-3.6%
Aug 15, 2023	3.8%	-1.6%	-6.3%	5.4%
Jul 14, 2023	-6.3%	-2.5%	3%	-3.8%
Jun 20, 2023	3%	0.3%	-0.1%	2.7%
May 17, 2023	0.8%	1.3%	3.9%	-0.5%
Apr 19, 2023	3.9%	4%	-5.5%	-0.1%
Mar 16, 2023	-5.5%	-1.9%	-1.1%	-3.6%
Feb 14, 2023	-1.1%	-0.2%	-1.4%	-0.9%
Jan 18, 2023	-1.4%	-0.7%	2.2%	-0.7%
Dec 14, 2022	2.2%	0.3%	-0.4%	1.9%
Nov 15, 2022	-0.4%	0.5%	1.2%	-0.9%
Oct 17, 2022	1.2%	1.3%	2.4%	-0.1%
Sep 14, 2022	2.4%	1.1%	9.6%	1.3%
Aug 15, 2022	9.6%	8%	-9.2%	1.6%
Jul 14, 2022	-9.2%	-0.5%	0%	-8.7%
Jun 14, 2022	0%	-0.8%	-1.6%	0.8%
May 18, 2022	-1.6%	0.2%	1.5%	-1.8%
Apr 19, 2022	1.5%	-0.5%	-3.6%	2%
Mar 16, 2022	-3.2%	-0.2%	-0.4%	-3%
Feb 15, 2022	-0.4%	-2.1%	8%	1.7%
Jan 18, 2022	8%	5%	6.2%	3%
Dec 14, 2021	6.2%	3%	-7.3%	3.2%
Nov 15, 2021	-7.3%	-1%	-3.9%	-6.3%
Oct 14, 2021	-3.9%	-2%	-3.4%	-1.9%
Sep 14, 2021	-3.4%	1.4%	6.2%	-4.8%
Aug 16, 2021	6.2%	-1.7%	-6.8%	7.9%
Jul 14, 2021	-6.8%	0.9%	1.1%	-7.7%
Jun 14, 2021	1.1%	4.2%	5.6%	-3.1%
May 19, 2021	5.6%	3%	-2.8%	2.6%
Apr 19, 2021	-2.8%	2.1%	3.2%	-4.9%
Mar 16, 2021	4.7%	-1%	0.8%	5.7%
Feb 15, 2021	0.8%	-2%	-2.9%	2.8%
Jan 18, 2021	-2.9%	2.5%	6%	-5.4%
Dec 14, 2020	6%	1.5%	6.4%	4.5%
Nov 16, 2020	6.4%	1.3%	2.9%	5.1%
Oct 14, 2020	2.9%	8%	9.6%	-5.1%
Sep 14, 2020	9.6%	5%	6.2%	4.6%
Aug 17, 2020	6.2%	6%	-11.6%	0.2%
Jul 14, 2020	-11.6%	4.5%	-13.3%	-16.1%
Jun 12, 2020	-13.3%	-2.6%	-3.6%	-10.7%
May 19, 2020	-3.6%		-1.8%
Apr 17, 2020	-1.8%	-0.7%	2.6%	-1.1%
Mar 17, 2020	1.1%	-0.5%	-0.4%	1.6%
Feb 17, 2020	-0.4%	0.2%	-0.3%	-0.6%
Jan 20, 2020	-0.3%	0.7%	-4.5%	-1%
Dec 13, 2019	-4.5%	0.3%	1%	-4.8%
Nov 15, 2019	1%	-0.6%	-2.9%	1.6%
Oct 15, 2019	-2.9%	-0.2%	1.1%	-2.7%
Sep 13, 2019	1.1%	1%	-2.6%	0.1%
Aug 15, 2019	-2.6%	0.2%	1.7%	-2.8%
Jul 12, 2019	1.7%	0.2%	1.6%	1.5%
Jun 14, 2019	1.6%	0.2%	-0.4%	1.4%
May 20, 2019	-0.4%	0.3%	1%	-0.7%
Apr 17, 2019	1%	-0.4%	-4%	1.4%
Mar 18, 2019	-4.7%	-0.3%	-1.9%	-4.4%
Feb 15, 2019	-1.9%	0.3%	1%	-2.2%
Jan 18, 2019	1%		4%
Dec 14, 2018	4%		-1.5%
Nov 14, 2018	-1.5%		2.4%
Oct 15, 2018	2.2%	0.1%	-0.6%	2.1%
Sep 14, 2018	-0.6%	0%	-2.2%	-0.6%
Aug 14, 2018	-2.2%	0%	-2.1%	-2.2%
Jul 13, 2018	-2.1%	-1.2%	1.8%	-0.9%
Jun 14, 2018	1.8%	0.3%	0.5%	1.5%
May 16, 2018	0.5%	1%	3.3%	-0.5%
Apr 17, 2018	1.3%	-0.3%	-3.8%	1.6%
Mar 16, 2018	-7.3%	-0.1%	2.8%	-7.2%
Feb 15, 2018	2.8%	-0.3%	0%	3.1%
Jan 18, 2018	0%	0.1%	0.2%	-0.1%
Dec 14, 2017	0.2%		-1.5%
Nov 15, 2017	-1.5%		3.3%
Oct 16, 2017	3.3%	1.9%	-1.8%	1.4%
Sep 14, 2017	-1.8%		2.1%
Aug 15, 2017	2.1%		-4.1%
Jul 14, 2017	-4.1%		4.3%
Jun 14, 2017	4.3%		-1.6%
May 17, 2017	-1.6%		3.2%
Apr 14, 2017	3.2%	0.2%	0.1%	3%
Mar 15, 2017	0.1%	0.2%	0.6%	-0.1%
Feb 14, 2017	0.6%	1.5%	3%	-0.9%
Jan 17, 2017	3%	0.3%	1.4%	2.7%
Dec 14, 2016	1.4%		-2%
Nov 14, 2016	-2%		2.6%
Oct 17, 2016	2.6%		0.6%
Sep 14, 2016	0.6%		1.5%
Aug 15, 2016	1.5%		-2.4%
Jul 13, 2016	-2.4%		-1%
Jun 14, 2016	-1%		3.2%
May 17, 2016	3.2%		-5.4%
Apr 15, 2016	-5.4%		2.6%
Mar 15, 2016	2.6%		-1%
Feb 15, 2016	-1%		-0.1%
Jan 18, 2016	-0.1%		1.3%
Dec 14, 2015	1.3%		1.5%
Nov 13, 2015	1.5%		-0.9%
Oct 15, 2015	-0.9%		-0.2%
Sep 14, 2015	-0.2%	-0.2%	0.7%
Aug 12, 2015	0.7%		-3%
Jul 13, 2015	-3%		-0.4%
Jun 12, 2015	-0.4%		-1.2%
May 18, 2015	-1.2%		-3.2%