The Japanese volumes of soft drinks group Coca-Cola Co were up by 5% last month, according to a financial analyst report.

Morgan Stanley analyst William Pecoriello wrote in a note to clients that his sources said Coke's volume rose 5%, with 3% of that increase due to an extra selling day.

In October, volumes had fallen 8% in Japan.

Pecoriello's note also confirmed his estimates that Coke's global volume would be flat to 1% growth in the fourth quarter.