Japanese companies raised spending on plant and equipment by 4.5 percent year-on-year in the third quarter of 2018, following a 12.8 percent increase in the previous period. Investment of manufacturing companies grew 5.1 percent (vs 19.8% in Q2) amid a slowdown in investment across transport equipment firms (3.4% vs 17.1%), information & communication electronics equipment (9% vs 66.1%), and chemical & allied products (23% vs 24.2%). At the same time, a decline was seen in spending on iron & steel (-9.3% vs -0.9%), and electrical machinery, equipment & supplies (-7.8% vs -5.4%). Meanwhile, investment of non-manufacturing companies rose 4.2 percent (vs 9.2% in Q2) as spending slowed on transport & postal activities (21.3% vs 44.6%) and production, transmission & distribution of electricity (13.6% vs 60.7%); but fell on services (-8.9% vs -4.5%) and wholesale & retail trade (-5.7% vs 14.9%). Private Investment in Japan averaged -0.69 percent from 2008 until 2018, reaching an all time high of 12.80 percent in the second quarter of 2018 and a record low of -25.33 percent in the first quarter of 2009.