Japan Machinery Orders Fall the Most in 4 Months

2026-05-20 23:57 By Chusnul Chotimah 1 min. read

Japan’s core machinery orders, which exclude volatile sectors such as ships and electric power, dropped 9.4% month-over-month to JPY 1,010.9 billion in March 2026, reversing sharply from a 13.6% rise in the prior month and worse than market expectations for an 8.1% decline.

It was the steepest decline in machinery orders since last November.

Manufacturing orders shrank 14.2% to JPY 488.4 billion, due to weakness across most key industries, including non-ferrous metals (-88.0%), shipbuilding (-51.2%), other transport equipment (-31.2%), textile mill products (-30.2%), petroleum and coal products (-29.6%), and chemical products (-27.9%).

Meanwhile, non-manufacturing orders fell 6.0% to JPY 534.3 billion, reversing a 0.8% rise in February.

On an annual basis, core machinery orders rose 5.9%, easing sharply from a 24.7% surge previously, marking the softest growth since last November, when machinery orders fell by 6.4%, though the reading beat forecasts of 4.5%.



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Japan Machinery Orders Fall the Most in 4 Months
Japan’s core machinery orders, which exclude volatile sectors such as ships and electric power, dropped 9.4% month-over-month to JPY 1,010.9 billion in March 2026, reversing sharply from a 13.6% rise in the prior month and worse than market expectations for an 8.1% decline. It was the steepest decline in machinery orders since last November. Manufacturing orders shrank 14.2% to JPY 488.4 billion, due to weakness across most key industries, including non-ferrous metals (-88.0%), shipbuilding (-51.2%), other transport equipment (-31.2%), textile mill products (-30.2%), petroleum and coal products (-29.6%), and chemical products (-27.9%). Meanwhile, non-manufacturing orders fell 6.0% to JPY 534.3 billion, reversing a 0.8% rise in February. On an annual basis, core machinery orders rose 5.9%, easing sharply from a 24.7% surge previously, marking the softest growth since last November, when machinery orders fell by 6.4%, though the reading beat forecasts of 4.5%.
2026-05-20
Japan Machinery Orders Unexpectedly Rise
Japan’s core machinery orders, which exclude volatile sectors such as ships and electric power, increased 13.6% month-over-month to JPY 1,115.9 billion in February 2026, reversing a 5.5% decline in the prior month and beating market expectations for a 1.1% drop. Manufacturing orders jumped 30.7% to JPY 569.5 billion, boosted by solid growth across key industries, including non-ferrous metals (419.1%), ship building (127.7%), chemical and chemical products (91.6%), other transport equipment (57.2%), pulp, paper and paper products (30.1%), autos, parts and accessories (20.9%), and petroleum and coal products (17.3%). Meanwhile, non-manufacturing orders rose 0.8% to JPY 568.4 billion, much slower than a 6.8% increase in January. On an annual basis, core machinery orders grew 24.7%, accelerating sharply from a 13.7% gain previously and easily beating forecasts for 8.5%.
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Japan’s core machinery orders fell 5.5% month-on-month to ¥982.4 billion in January 2026, reversing a 16.1% surge in December but outperforming market expectations for a 9.6% decline. The drop was driven mainly by a 12.5% fall in manufacturing orders to ¥435.8 billion, while non-manufacturing orders rose 6.8% to ¥563.2 billion. By industry, the steepest declines were seen in petroleum & coal products (-75.9%), non-ferrous metals (-57.1%), other non-manufacturing (-43.5%), pulp, paper & paper products (-33.8%), and other manufacturing (-14.4%). On an annual basis, private-sector orders jumped 13.7% in January, easing from a 16.8% increase in December but exceeding forecasts for a 10.5% gain. Core machinery orders are widely viewed as a volatile yet key leading indicator of capital expenditure over the next six to nine months.
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