Japan Investment December 2019


Japan: Core machinery orders fall in December

February 19, 2020

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—fell in December for the fifth time in six months.

Specifically, core machinery orders dropped 12.5% in December compared to the previous month in seasonally-adjusted terms, falling faster than market analysts’ expectation of a 9.0% decrease and contrasting the 18.0% increase in January.

In year-on-year terms, core machinery orders fell 3.5% in December, contrasting the 5.3% increase in November. The annual average variation in core machinery orders deteriorated to a 0.7% decrease in December from a 0.4% decrease in November.

FocusEconomics Consensus Forecast panelists expect gross fixed investment to increase 1.1% in 2020, which is up 0.1 percentage points from last month’s projection. In 2021, the panel sees gross fixed investment growth at 1.2%.

Author:, Economist

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Japan Investment December 2019 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) and FocusEconomics calculations.

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