Data published by the Japan Automotive Dealers Association showed that new car sales in the country declined by 11.4% per annum in December, as supply chain disruptions continued to delay deliveries. However, the decline in sales slowed down relative to October (-31.3% per annum) and November (-14.3% per annum) against the background of the fact that automakers reported a gradual improvement in the situation with a shortage of spare parts.
Analysts are closely monitoring car sales data in search of clues about how quickly and when the recovery of production and consumption in the country can occur. However, the recent surge in cases of the Omicron strain creates uncertainty about the economic outlook, and may affect the outlook for the monetary policy of the Bank of Japan, which will meet on January 17-18.
According to official data, Japan's industrial production showed a record rate of increase in November, as the elimination of bottlenecks in the global supply chain helped the automotive industry and raised the prospects for a strong economic recovery in the fourth quarter.