Japan’s Closely Watched Core Machinery Orders Fall 3.9% in March

Jiji Press

17:54 JST, May 22, 2023

TOKYO (Jiji Press) — Japan’s seasonally adjusted core machinery orders in March fell 3.9% from the previous month, the Cabinet Office said Monday.

Private-sector orders excluding those for ships and power equipment, closely watched as a leading indicator of corporate capital spending, came to ¥852.9 billion.

The March result, which followed a 4.5% decrease in February, came against the median estimate of a 0.7% rise by 18 economic research institutes surveyed by Jiji Press. Their estimates ranged from a fall of 3.3% to a rise of 2.9%.

Core machinery orders for January-March expanded 2.6% from the previous quarter to ¥2,670.5 billion. In April-June, core orders are projected to gain 4.6%.