Japan Investment September 2021


Japan: Core machinery orders improve in September

November 17, 2021

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—were flat month-on-month in seasonally-adjusted terms in September, after falling 2.4% in August.

On an annual basis, machinery orders rose at a softer pace of 12.5% in September, down from August’s 17.0% growth. Nevertheless, the trend improved significantly, with the annual average growth of machinery orders coming in at a two-year high of 5.5% in September, up from August’s 3.0% reading.

September’s report also included machinery manufacturers’ forecasts for October–December 2021, which projects a 3.1% increase in core machinery orders over the period, thus pointing towards improving optimism regarding capital spending after Q3’s 0.7% rise in machinery orders.

FocusEconomics Consensus Forecast panelists project gross fixed investment to grow 2.6% in 2021, which is unchanged from last month’s estimate, and increase 1.8% in 2022.

Author:, Economist

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Japan Investment September 2021 0

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) and FocusEconomics calculations.

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