JAPAN DATA: The ratio of shipments to inventories of electronic parts and
devises stood at +2.0% in October, improving for three months in a row after
-0.1% in September and -1.4% in August and posting the highest growth since
+4.0% in June, data released by the Ministry of Economy, Trade and Industry
showed. The October ratio indicates downward pressure on semiconductor output is
easing. The ratio is calculated by subtracting a y/y change in inventories of
chips from that in their shipments. The higher figure indicates the stronger
upward pressure on semiconductor output. When the ratio stays in negative
territory, downward pressure on output is stronger than upward pressure. The
ratio showed a recent peak of +15.2 in February this year, after having bottomed
at -67.5% in May 2011 in the aftermath of the March 2011 disaster. METI said
semiconductor output rose 14.7% m/m in October and is expected to rise 9.7% in
November and 10.5% in December.