Electronic Components Sector Component Data Deposition: METI production statistics (electronic components, semiconductors) for Apr 2026: Passive Components firm, MLCCs drive growth

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Electronic Components Sector Component Data Deposition: METI production statistics (electronic components, semiconductors) for Apr 2026: Passive Components firm, MLCCs drive growth

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

15 June 2026

Electronic Components Sector

Component Data Deposition: METI production statistics

(electronic components, semiconductors) for Apr 2026:

Passive Components firm, MLCCs drive growth

METI released April 2026 production statistics on June 12. April domestic Japan Equity Research

production value (USD basis) was generally in line with seasonal norms for

Technology - Electronic

electronic components and below seasonal norms for semiconductors. In Components

electronic components, passive components outpaced seasonal norms, and AC Akinori Kanemoto

MLCCs drove growth. MLCCs did not show an upward trend in April data, but

(81-3) 6736 8628

with some signs of bottoming out, we have expectations for May onward. ABF akinori.kanemoto@jpmorgan.com

substrates (rigid module substrates) had a reactionary pullback in April but are Ikki Shibata

trending upward, which has positive implications for Ibiden. Murata (81-3) 6736 8641

Manufacturing and Taiyo Yuden remain our top picks in the electronic components ikki.shibata@jpmorgan.com

sector. JPMorgan Securities Japan Co., Ltd.

• Our view: Electronic components in April were generally in line with seasonal

norms (MoM) for the past 20 years, but semiconductors were below. Within

electronic components, passive components outpaced seasonal norms, with

growth driven especially by MLCCs. Other products were generally in line

with seasonal norms. Passive components volume increased, but production

value remains in a flat range MoM excluding weak yen effects. MLCC volume