The images converted with the Image Data Converter from RAW to JPEG format appear to contain more noise than JPEG images out of the camera.
The BIONZ processing engine installed in the camera and the processing engine of Image Data Converter are optimised to the respective characteristics (hardware vs. software). Therefore, processing is different in each case, resulting in differences.
The JPEG images from the camera are processed by the BIONZ in a certain way which are not directly reflected when opening a RAW image with the Image Data Converter, for example in regard to the noise reducing filtering when using high ISO settings.
However the Image Data Converter offers a Noise Reduction tool which besides the AUTO setting offers manual control over the filter settings so that you can fine tune the setting to emphasize noise suppression or detail rendering depending on your preferences.