Japan Investment July 2021


Japan: Core machinery orders bounce back in July

September 15, 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—grew 0.9% in month-on-month seasonally-adjusted terms in July, which contrasted June's 1.5% decrease.

On an annual basis, machinery orders rose at a softer pace of 11.1% in July (June: +18.6% yoy). Meanwhile, the trend improved significantly, with the annual average variation of machinery orders coming in at plus 0.7%, contrasting June's minus 1.4% reading.

FocusEconomics Consensus Forecast panelists project gross fixed investment to grow 1.0% in 2021, which is down 0.3 percentage points from last month’s estimate, and increase 2.6% in 2022.

Author:, Economist

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Japan Investment July 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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