30 November 2012 04:13 [Source: ICIS news]
TOKYO (ICIS)--Japan’s chemical production, excluding drugs, rose by 1.2% in October from the previous month as the country’s overall production also increased month on month, official data from the Ministry of Economy, Trade and Industry (METI) showed on Friday.
This is, however, a 6.5% decline from the same period a year earlier, according to the ministry.
The output of plastics fell by 2.8% month on month and declined by 7.1% year on year, while the production of synthetic rubber was down by 12% from the previous month and decreased by 15% from the same time a year before, the METI data showed.
Japan’s overall industrial production increased by 1.8% in October from September, but declined by 4.3% from the same period a year before, according to the ministry.
“Industrial production is in a downward trend,” the METI said in a statement on its website.
Japanese manufacturers expect industrial output to decrease by 0.1% in November and increase by 7.5% in December, according to the monthly survey by the METI.
The Japanese cabinet on Friday approved a stimulus package totaling yen (Y) 880.3bn ($10.7bn), intended primarily for spending on social programs, employment creation, support for small and medium-size enterprises and restoration of the regions affected by the massive earthquake of 11 March 2011, based on an official release from the Cabinet Office.
($1 = Y82.1)
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