Japan Core Machinery Orders Quarterly Update

Japan's core machinery orders grew 6.4% qoq in Jan-Mar 2026, marking a second straight quarter of expansion despite a 9.4% monthly decline in March. The outlook for the next quarter remains positive but modest at +0.3% qoq.

Key Takeaways

• 1.Private sector core machinery orders grew +6.4% qoq in the Jan-Mar quarter, mirroring the growth pace of the previous quarter.
• 2.Manufacturing orders saw a significant rebound, surging +10.0% qoq in Jan-Mar, driven by chemicals and machinery sectors.
• 3.The outlook for Apr-Jun suggests a third consecutive quarter of growth (+0.3% qoq), primarily supported by the non-manufacturing sector.

Table of Contents

• BOTTOM LINE
• JP MAP SCORE
• KEY NUMBERS
• MAIN POINTS
• Manufacturing orders see sharp +10% increase in Jan-Mar
• Core non-manufacturing orders increase sharply for second straight quarter
• Apr-Jun outlook calls for third straight quarterly increase, led by core non-manufacturing
• External demand surges in Jan-Mar; pullback in Apr-Jun to be limited
• The Japan Economics Team
• Disclosure Appendix

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