In contrast to positive business fixed investment plans for fiscal 2015 reported by the Bank's Tankan(Short-Term Economic Survey of Enterprises in Japan), actual machinery orders and capital goods shipment have remained disappointing; some firms may postpone their fixed investment plans because of higher unexpected costs caused by labor shortages and rising prices of construction materials.
For example, in the GDP statistics, business fixed investment in real terms for the April-June quarter increased on a quarter-on-quarter basis for the first time in six quarters. Machinery orders-- a leading indicator for business fixed investment-- also turned to an increase on a quarter-on-quarter basis in the April-June quarter, for the first time in five quarters, and have been expanding since then.
As examples of this phenomenon, one member cited the following:(1) the corporate sector was improving as seen in production and machinery orders, but the household sector remained stagnant; and(2) a breakdown of production, which was relatively firm, showed that output of producer goods was rising steadily while that of final demand goods remained at the level of 1998.
月の日本の機械受注はほぼ横ばい。
Japan's machinery orders nearly flat in November.
月の機械受注統計は設備投資の回復を示唆するのか?
November's machinery orders point to a recovery in investment?
設備投資は、先行指標(機械受注)が引き続き減少傾向にある。
As for business fixed investment, leading indicators(machinery orders) continued to be on a downtrend.
もっとも、最近の機械受注統計をみると外需は増加傾向にあります。
Recently, however, machinery orders statistics suggests that external demand has been on an increasing trend.
先行指標である機械受注も、製造業を中心に引き続き増加している。
Machinery orders, a leading indicator of capital spending, continued to increase led mainly by orders from manufacturers.
機械受注は6~9カ月後の設備投資の先行指標とされている。
Core machinery orders are regarded as an indicator of capital investment six to nine months ahead.
なお「主要」機械受注は、造船業および電気事業部門を除外しています。
Core” machinery orders exclude those for ships and from electricity utilities.
中核」の機械受注は、船舶用および電気事業からのものを除外しています。
Core” machinery orders exclude those for ships and from electricity utilities.
ある委員は、特に1月の機械受注統計における電気機器分野での弱さを指摘した。
One member mentioned that, in January, machinery orders were weak in the electrical appliance sector in particular.
設備投資関係では、10〜12月の機械受注が7〜9月に続き大きく減少した。
As for business fixed investment, machinery orders in the October-December quarter of 2001 continued to decrease greatly as in the July-September quarter.
先行指標である機械受注は、昨年半ばより大きく落ち込んだ後、1月も大幅な減少となった。
Among leading indicators, machinery orders had dropped significantly in the second half of 2001 and decreased again considerably in January 2002.
先行指標をみると、機械受注は4か月連続で増加した一方、7月の建築着工床面積は減少した。
Among leading indicators, machinery orders had increased for the fourth consecutive month in July, but construction starts decreased in the same month.
機械受注等に比べ出遅れ気味であった資本財出荷(除く輸送機械)も、10〜12月期は大幅増となった。
Shipments of capital goods(excluding transport equipment), which had lagged behind machinery orders in their improvement, increased substantially in the October-December quarter.
In this situation, machinery orders and business fixed investment plans for fiscal 2001 showed that firms were gradually becoming less willing to invest in plant and equipment.
Business fixed investment is likely to follow a moderate increasing trend, given that machinery orders are on a recovery trend, albeit a moderate one, and construction starts(floor area) have started to increase.
Many members said that a gradual increase in business fixed investment was confirmed by the Financial Statements Statistics of Corporations by Industry, Quarterly and machinery orders.
With regard to leading indicators of business fixed investment, machinery orders from manufacturing firms increased significantly in April, while those from nonmanufacturing firms were nearly flat.
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