Japan Investment November 2021


Japan: Core machinery orders growth eases in November

January 17, 2022

Core machinery orders—which cover the private sector, exclude volatile orders and are a leading indicator for capital spending over the coming three-to-six-month period—increased 3.4% in month-on-month seasonally-adjusted terms in November, which was a slight moderation from October's 3.8% increase.

On an annual basis, machinery orders grew 11.6% in November, which was notably above October’s 2.9% expansion. Moreover, the trend improved markedly, with the annual average growth of machinery orders coming in at 7.4%, up from October's 5.5% reading.

FocusEconomics Consensus Forecast panelists project gross fixed investment to grow 2.5% in 2021, which is up 0.2 percentage points from last month’s estimate, and increase 2.0% in 2022.

Author:, Economist

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Japan Investment November 2021 1

Note: Month-on-month changes of seasonally adjusted core machinery orders and year-on-year growth rate in %.
Source: Ministry of Economy, Trade and Industry (METI).

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