|Month over Month||0.1%||-0.3%||-0.2%|
|Year over Year||0.8%||1.8%||1.9%|
Japan's All Industry Index rose to a seasonally adjusted level of 103.6 in January, up 0.1 percent on the month after dropping 0.2 percent in December (revised from a fall of 0.3 percent).
The increase in the headline index in December was entirely driven by stronger growth in the construction sector, with its activity index up 4.1 percent on the month after three consecutive months of declines. The index of activity in the tertiary sector was flat on the month, while the index of industrial production fell by 0.4 percent, the first decline since July 2016.
In year-on-year terms, the seasonally adjusted index rose 0.8 percent in January after an increase of 1.9 percent in December (revised up from 1.8 percent). Using unadjusted data, the index rose 1.3 percent year-on-year in January after advancing by 1.2 percent in December (unrevised).
The All Industry Index takes a reading of activity in the tertiary index combined with activity in the construction, agricultural and fisheries industries, the public sector and industrial output. This index is considered a close approximation for gross domestic product growth as measured by industrial and service sector output.
The all industry index evaluates the monthly change in overall production by all sectors of the Japanese economy. The index includes the tertiary index which is released a few days before the all industry plus the construction, agricultural and fisheries industries, the public sector and industrial output. The index closely follows Japanese GDP and overall growth figures, providing insight into current levels of Japanese economic expansion.
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