2025年7月,日本核心机械订单(不包括船舶和电力等波动性行业)环比下降4.6%,至8980亿日元,扭转了6月份3%的增长,远低于1.7%的下降预期。非制造业领跌,下滑3.9%至5011亿日元,而制造业订单增长3.9%至4284亿日元。按行业划分,有色金属(-53.5%)、房地产(-44%)、采矿和采石(-21.2%)以及金融和保险(-16.7%)的收缩幅度最大。私营部门订单同比增长4.9%,低于6月份7.6%的增长率和5.4%的预期。核心机械订单被视为未来六到九个月资本支出的一个关键但不稳定的领先指标。
Japan’s core machinery orders—which exclude volatile sectors such as ships and electric power—fell 4.6% month-over-month to ¥898 billion in July 2025, reversing a 3% increase in June and coming in well below expectations for a 1.7% decline. The drop was led by the non-manufacturing sector, which slipped 3.9% to ¥501.1 billion, while manufacturing orders rose 3.9% to ¥428.4 billion. By industry, the steepest contractions were recorded in non-ferrous metals (-53.5%), real estate (-44%), mining and quarrying (-21.2%) and finance and insurance (-16.7%). Year-on-year, private-sector orders rose 4.9%, easing from June’s 7.6% growth and missing forecasts of 5.4%. Core machinery orders are seen as a key yet volatile leading indicator of capital expenditure over the coming six to nine months.