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Japan Investment May 2023

Japan: Core machinery orders record largest decline in over one year in May

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—collapsed 7.6% month-on-month in seasonally-adjusted terms in May (April: +5.5% mom). The figure marked the worst reading since February 2022.

On an annual basis, machinery orders dove 8.7% in May, which was notably greater than April’s 5.9% fall and marking the worst result since November 2020. Accordingly, annual average machinery orders growth fell to 0.9% in May (April: +2.1%). This signals a worsening trend in the sector.

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