According to the Japan Automobile Manufacturers Association (JAMA), August vehicle production (latest data available) declined 7.6% year-on-year (y-o-y), to 680,487 units. This brought auto production for the first eight months of the year to 6,251,777 units, a decrease of 9.5% y-o-y. However, we believe production will have picked up in September and will continue to do so for the rest of 2013. While official JAMA production figures for September are still unavailable, the phenomenal 17.0% y-o-y surge in sales for that month suggests to us that production also saw strong increases.
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