Paper & Packaging Sector (Japan) DATA & NEWS (Apr-May): Inventories of main products turned upward MoM in May

Research evidence excerpt

Paper & Packaging Sector (Japan) DATA & NEWS (Apr-May): Inventories of main products turned upward MoM in May

J P M O R G A N Asia Pacific Equity Research

22 June 2026

Paper & Packaging Sector (Japan)

DATA & NEWS (Apr-May): Inventories of main products

turned upward MoM in May

In May, domestic demand momentum deteriorated compared with April for both Japan Equity Research

containerboard and printing & information paper. Although a difference in the

Cosmetics and Personal Care /

number of holidays might have had an impact YoY, the fact that inventories turned Paper and Packaging

upward MoM is a somewhat concerning data point. We will keep an eye on whether AC Akiko Kuwahara

inventory continues to increase in June and beyond. If inventory does continue to

(81-3) 6736-8617

build amid weak domestic demand momentum, there is no denying it would pose akiko.kuwahara@jpmorgan.com

a risk of hindering negotiations over graphic paper price revisions between Nippon JPMorgan Securities Japan Co., Ltd.

Paper Industries and Oji Holdings and their respective customers.

• Containerboard and corrugated products: Contraction in domestic

demand for containerboard; inventories up MoM: According to

preliminary data from the Japan Paper Association released on June 22,

domestic containerboard shipments fell 3.4% YoY to 667,000 tons in May.

Assuming imports were unchanged MoM, we estimate domestic demand fell

3.6% YoY in May (April: +2.4%). Exports increased 10.5% YoY. Production

rose YoY (+2.3%), but inventories remained on a downtrend at -7.1% YoY

(April: -13.0%). However, inventories swung to growth of 12.6% MoM (April:

-7.4%). According to Japan Corrugated Case Association data, corrugated

board production rose 2.9% YoY in April and consumption also rose 2.9%. By