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Japan Investment March 2024

Japan: Core machinery orders growth dips in March

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 3.0% in month-on-month seasonally adjusted terms in March, which was a deterioration from February’s 7.7% increase. The print exceeded market expectations.

On an annual basis, machinery orders rebounded, rising 2.7% in March (February: -1.8% yoy), the best result since February 2023. Accordingly, the trend improved notably, with the annual average variation of machinery orders coming in at minus 4.6%, up from February’s minus 5.4%.

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