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Japan: Machinery orders contract again in September

November 8, 2012

Machinery orders, a leading indicator of capital spending over a three to six month period, contracted in September for the second month in a row. Core machinery orders (private sector, excluding volatile orders) fell a seasonally adjusted 4.3% over the previous month, following the 3.3% drop tallied in August. In addition, the print represented the lowest reading in four months and exceeded market expectations of a softer 2.1% drop. Compared to the same month last year, core machinery orders contracted 7.8% in September, after declining 6.1% in August. Accordingly, the trend continues to point downward, with annual average growth in core machinery orders falling from 2.6% in August to 0.7% in September. Despite the negative reading, the Cabinet Office maintained its assessment on machinery orders, stating that the trend "is moving sideways". In addition, the Office predicts a 5.0% rise in the fourth quarter, contrasting the 1.1% drop posted in the third


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Japan Investment September 2012

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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