Japan Investment October 2021


Japan: Core machinery orders posts quickest growth since May in October

December 13, 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—rose 3.8% month-on-month in seasonally-adjusted terms in October (September: 0.0% mom). October's figure marked the best result since May.

On an annual basis, machinery orders grew 2.9% in October, which was notably below September’s 12.5% expansion and marked the weakest result since March. Meanwhile, annual average growth of machinery orders was 5.5% in October, mirroring September's result.

FocusEconomics Consensus Forecast panelists project gross fixed investment to grow 2.3% in 2021, which is down 0.3 percentage points from last month’s estimate, and increase 1.9% in 2022.

Author:, Economist

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Japan Investment October 2021

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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