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Japan Investment September 2023

Japan: Core machinery orders bounce back in September

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 1.4% month-on-month in seasonally adjusted terms in September (August: -0.5% mom). The reading means that core machinery orders fell 1.8% over Q3 as a whole, the second consecutive contraction.

On an annual basis, machinery orders fell 2.2% in September, a softer than August’s 7.7% fall and marked the best result since February. Meanwhile, the trend pointed down, with the annual average variation of machinery orders coming in at a two-year low of minus 3.9% in September, down from August’s minus 3.4%.

In the press release, the statistical office also included a forecast for core machinery orders growth in Q4. Core machinery orders are expected to rise 0.5% quarter on quarter in Q4, marking a weak rebound after two consecutive quarters of contraction.

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