Japan: Core machinery orders grows at quickest pace since April in October
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—rose 5.4% month-on-month in seasonally-adjusted terms in October (September: -4.6% mom). The print marked the best reading since April.
On an annual basis, machinery orders increased 0.4% in October, which was well below Septembers 2.9% expansion and marking the worst result since March 2021. Accordingly, the trend pointed down, with the annual average growth of machinery orders coming in at 7.6% in October, down from September’s 7.8%.