Production, shipments and inventories all rose month on month. Based on the preliminary September 2026 Indices of Industrial Production report released by the Ministry of Economy, Trade and Industry, this article examines the background to the increase in production and what the inventory buildup means.
According to the preliminary September 2026 Indices of Industrial Production report released by the Ministry of Economy, Trade and Industry, production was 104.1, up 2.2% month on month, shipments were 101.0, up 0.6% month on month, and inventories were 99.9, up 2.5% month on month. The overall underlying assessment remains mixed, with production, shipments and inventories all increasing.
There is insufficient information to jump straight to conclusions such as "unsold inventory has surged" or "the recovery is broad-based." It is necessary to examine the breakdown by industry and companies' explanations, and verify the figures using aligned comparison dates. It should also be noted that the Indices of Industrial Production capture changes in physical volume and are separate from the inventory value recorded on a company's balance sheet.
To deepen the interpretation of the news, a video explaining how to read ASICS' inventory and earnings is introduced as a real-world example, illustrating how to assess the significance of higher inventories by comparing dates. Readers who want to deepen their earnings analysis are also directed to various learning resources, including videos, courses and books.
Finally, a method is proposed for reviewing a company's earnings, inventory movements, and changes in sales and orders together, and readers are encouraged to use it in preparing to interpret future announcements.