The seasonally adjusted industrial production index in Japan observed a monthly decrease of 2.3% to land at 101.7 in November, above expectations. Compared to the same month in 2023, the figure decreased by 2.8%, the Ministry of Economy, Trade and Industry (METI) said in its preliminary report published on Friday.

The shipments index fell by 2.7% month-on-month to reach 99.6, decreasing by 3.8% year-on-year. The inventories index came in at 101.4, down by 0.9% compared to the previous month and by 2.1% compared to November 2023.

The inventory ratio stood at 107.9, going up by 3.2% on a monthly level and increasing by 2.7% on an annual one.