Japanese companies raised spending on plant and equipment by 7.1 percent year-on-year in the third quarter of 2019, following a 1.9 percent gain in the previous period. This was the strongest growth in corporate capital spending in over a year, as investment of manufacturing rebounded (7.7 percent vs -1.7 percent in Q2), boosted by petroleum and coal products (5.9 percent vs -48.7 percent), fabricated metal products (2.8 percent vs -1.2 percent), production machinery (18.6 percent vs -3.5 percent), electrical machinery, equipment (5.5 percent vs -9.2 percent), and information & communication electronics equipment (18.9 percent vs -43.4 percent). Also, investment of non-manufacturing companies grew further (7.6 percent vs 7 percent), driven by wholesale & retail trade (17.1 percent vs 7.8 percent), and production ,transmission and distribution of electricity (10.7 percent vs -23 percent). Private Investment in Japan averaged -0.16 percent from 2008 until 2019, 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. source: Ministry of Finance, Japan

Private Investment in Japan is expected to be 4.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Private Investment in Japan to stand at 3.60 in 12 months time. In the long-term, the Japan Capital Spending is projected to trend around 3.40 percent in 2020, according to our econometric models.


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Japan Capital Spending

Actual Previous Highest Lowest Dates Unit Frequency
7.10 1.90 12.80 -25.33 2008 - 2019 percent Quarterly



Calendar GMT Actual Previous Consensus TEForecast
2019-02-28 11:50 PM Q4 5.7% 4.5% 4.5% 3.2%
2019-06-02 11:50 PM Q1 6.1% 5.7% 11.6% 6.5%
2019-09-01 11:50 PM Q2 1.9% 6.1% 4.4%
2019-12-01 11:50 PM Q3 7.1% 1.9% 2.8%
2020-03-01 11:50 PM Q4 7.1% 4.5%
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News Stream
2019-09-02
Japan Q2 Capital Spending Rises the Least in 2 Years
Japanese companies raised spending on plant and equipment by 1.9 percent year-on-year in the second quarter 2019, slowing sharply from a 6.1 percent gain in the previous period. This was the weakest yearly growth in corporate capital spending since a 1.5 percent rise in Q2 2017, amid ongoing Sino-US trade row and slowing global growth. Investment of manufacturing firms fell for the first time in two years (-1.7% vs 6.9% in Q1), mainly weighed down by petroleum and coal products (-48.7% vs 12.1%); fabricated metal products (-1.2% vs 23.2%); general-purpose machinery (-25.3% vs 45.8%); electrical machinery, equipment (-9.2% vs 1%); and transport equipment (-2.6% vs 3.2%). Meanwhile, investment of non-manufacturing companies grew further (7% vs 5%), mostly driven by construction (7.7% vs 15.3%); wholesale & retail trade (7.8% vs -5.8%); real estate (45.5% vs 2.9%); goods rental & leasing (29.4% vs 47.7%); and information & communications (12.5% vs 1.3%).

2019-06-03
Japan Business Spending Growth Accelerates in Q1
Japanese companies raised spending on plant and equipment by 6.1 percent year-on-year in the first quarter of 2019, more than a 5.7 percent increase in the previous period but missing market expectations of 11.6 percent growth. Investment of manufacturing companies rose sharply (8.5 percent vs 10.9 percent in Q4), mainly led by chemicals (42.1 percent vs 21.6 percent), production machinery (43.1 percent vs 24.1 percent), fabricated metal products (23.2 percent vs 16.7 percent), and iron & steel (12.6 percent vs 8.4 percent). By contrast, investment of transport equipment companies plunged (-6.5 percent vs 60.3 percent). Growth in investment of non-manufacturing companies accelerated (5 percent vs 2.7 percent), driven by spending on goods rental & leasing (47.7 percent vs 27.8 percent), transport & postal activities (12.9 percent vs 5.8 percent), production & distribution of electricity (10 percent vs 8.2 percent), and construction (15.3 percent vs -1.2 percent).

2019-03-01
Japan Q4 Capital Spending Beats Expectations
Japanese companies raised spending on plant and equipment by 5.7 percent year-on-year in the fourth quarter of 2018 following a 4.5 percent increase in the previous period and beating market expectations of 4.5 percent. It was the ninth straight quarter in expansion zone, as investment of manufacturing companies surged 10.9 percent (vs 5.1 percent in Q3), led by information & communication electronics equipment (60.3 percent), chemicals (21.6 percent) and production machinery (24.1 percent), more than offsetting a 10.8 percent decline in food manufacturing companies. Meantime, investment of non-manufacturing companies climbed at a slower 2.7 percent pace (vs 4.2 percent in Q3), as wholesale and retail trade plunged 12.6 percent (vs -5.7 percent) and services dropped 3.7 percent (vs -8.9 percent).


Japan Capital Spending
Capital Spending in Japan refers to a year-on-year change in capital investments of private profit-making corporations with capital of 10 million yen or over. The survey includes all industries except finance and insurance.

Japan Business Last Previous Highest Lowest Unit
Business Confidence 0.00 5.00 53.00 -58.00 points [+]
Services Pmi 49.40 50.30 55.30 46.40 points [+]
Manufacturing PMI 48.40 48.90 56.20 29.60 points [+]
Industrial Production -8.20 -7.70 30.00 -37.20 percent [+]
Industrial Production Mom -1.00 -4.50 6.80 -16.50 percent [+]
Manufacturing Production -8.10 -7.70 29.30 -37.20 percent [+]
Capacity Utilization 95.50 95.80 136.10 68.60 points [+]
New Orders 1153.53 1013.55 1624.17 693.64 JPY Billion [+]
Machinery Orders 18.00 -6.00 25.50 -17.00 percent [+]
Changes in Inventories 871.20 1934.00 7639.10 -6605.20 JPY Billion [+]
Bankruptcies 704.00 728.00 1965.00 6.00 Companies [+]
Corporate Profits 17323.17 23232.47 26401.12 43.24 JPY Billion [+]
Coincident Index 94.70 95.30 106.90 69.40 [+]
Economy Watchers Survey 39.80 39.40 57.50 18.90 [+]
Car Production 667462.00 714844.00 961994.00 249772.00 Units [+]
Car Registrations 194765.00 205814.00 585449.00 83044.00 [+]
Leading Economic Index 90.80 91.60 108.00 72.50 points [+]
Small Business Sentiment -9.00 -4.00 46.00 -60.00 [+]
Internet Speed 20171.96 19574.52 20171.96 6541.92 KBps [+]
IP Addresses 43689566.00 43995715.00 44977757.00 23570249.00 IP [+]
Private Investment 7.10 1.90 12.80 -25.33 percent [+]
Non Manufacturing Pmi 20.00 21.00 57.00 -41.00 points [+]
Machine Tool Orders 89969.00 81669.00 182860.00 19037.00 JPY Million [+]
Mining Production -9.80 -3.40 16.20 -16.10 percent [+]
Tertiary Industry Index 105.40 104.70 109.70 73.20 points [+]
Reuters Tankan Index -6.00 -6.00 39.00 -78.00 points [+]
Steel Production 7742.91 8157.07 10775.00 1177.00 Thousand Tonnes [+]
Cement Production 5198.00 5076.00 9368.00 4218.00 Thousands of Tonnes [+]
All Industry Activity Index 103.90 103.00 108.70 94.20 points [+]
Competitiveness Index 82.27 82.47 82.47 5.36 Points [+]
Competitiveness Rank 6.00 5.00 10.00 5.00 [+]
Composite Pmi 48.60 49.80 54.10 46.30 points [+]
Corruption Index 73.00 73.00 80.00 58.00 Points [+]
Corruption Rank 20.00 18.00 25.00 14.00 [+]
Ease of Doing Business 29.00 39.00 39.00 13.00 [+]