Paper & Packaging Sector (Japan): DATA & NEWS (May-Jun): Inventories of containerboard, printing & information paper both turned downward MoM in June

Research evidence excerpt

Paper & Packaging Sector (Japan): DATA & NEWS (May-Jun): Inventories of containerboard, printing & information paper both turned downward MoM in June

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

21 July 2026

Paper & Packaging Sector (Japan)

DATA & NEWS (May-Jun): Inventories of

containerboard, printing & information paper both

turned downward MoM in June

In June, domestic demand momentum improved compared with May for both Japan Equity Research

containerboard and printing & information paper. However, we suspect that major

Cosmetics and Personal Care /

customers making purchases in advance of scheduled price hikes might have Paper and Packaging

contributed to the strong growth in domestic demand for containerboard. We think AC Akiko Kuwahara

that inventories of both containerboard and printing & information paper declining

(81-3) 6736-8617

again after having risen MoM in May is somewhat reassuring for the paper & akiko.kuwahara@jpmorgan.com

packaging companies we cover. JPMorgan Securities Japan Co., Ltd.

• Containerboard and corrugated products: Domestic demand for

containerboard grew again; inventories turned downward again MoM:

According to preliminary data from the Japan Paper Association released on

July 21, domestic containerboard shipments increased 6.6% YoY to 759,000

tons in June. Assuming imports were unchanged MoM, we estimate domestic

demand rose 6.4% YoY in June (May: -3.7%). Exports increased by

21.7%YoY. Production continued to rise YoY (+2.2%), but inventories fell at

a faster pace, down 13.3% YoY (May: -7.3%). Inventories swung to a decline

of 5.0% MoM (May: +12.4%). According to Japan Corrugated Case

Association data, corrugated board production fell by 4.4% YoY in May and

consumption also fell by 4.1%. Average shipment prices fell 0.9% MoM to