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2025年6月，日本核心机械订单（不包括船舶和电力等波动性项目）环比增长3%，达到9412亿日元，结束了两个月的下降，打破了市场对1%下降的预期。整体收益掩盖了制造业的疲软，订单下降8.1%，至4123亿日元。石油和煤炭产品（-68.6%）、有色金属（-48%）和钢铁（-27.4%）大幅下跌。相比之下，非制造业订单激增8.8%，达到5214亿日元，这得益于货物租赁（41%）和农业、林业和渔业（12.4%）的强劲需求。6月份，私营部门机械订单同比增长7.6%，高于5月份的4.4%，超过了5%的预测。核心机械订单被视为未来六到九个月资本支出的关键领先指标，尽管波动较大。

Japan’s core machinery orders—which exclude volatile items such as ships and electric power—climbed 3% month-over-month to ¥941.2 billion in June 2025, snapping a two-month decline and defying market expectations for a 1% drop. The overall gain masked weakness in the manufacturing sector, where orders fell 8.1% to ¥412.3 billion. Sharp declines were seen in petroleum & coal products (-68.6%), non-ferrous metals (-48%), and iron & steel (-27.4%). By contrast, non-manufacturing orders surged 8.8% to ¥521.4 billion, driven by robust demand in goods leasing (41%) and agriculture, forestry & fishing (12.4%). On a yearly basis, private-sector machinery orders advanced 7.6% in June, picking up from May’s 4.4% increase and beating forecasts of 5%. Core machinery orders are regarded as a key, though volatile, leading indicator of capital spending over the next six to nine months.