新加坡元/日元 (SGDJPY) 加自选

2025年5月，日本进口同比下降7.7%，至8772.6亿日元的三个月低点，为2024年1月以来的最大降幅，比4月份的2.2%下降更快。由于国内需求疲软，下降幅度也高于市场预期的6.7%。

Japan’s imports fell 7.7% year-on-year to a three-month low of JPY 8,772.60 billion in May 2025, marking the sharpest drop since January 2024 and accelerating from a 2.2% decline in April. The fall was also steeper than market expectations for a 6.7% decrease, due to lackluster domestic demand.

2025年5月，日本出口同比下降1.7%，至81349.9亿日元的四个月低点，这是自2024年9月美国关税上升以来的首次下降。尽管如此，跌幅仍小于3.8%的市场预期。

Japan's exports dropped 1.7% yoy to a four-month low of JPY 8,134.99 billion in May 2025, marking the first decline since September 2024 amid rising U.S. tariffs. Still, the drop was smaller than market expectations for a 3.8% fall.

2025年5月，日本的贸易逆差从去年同期的12251.7亿日元大幅降至6376.1亿日元，超过了市场预期的8930亿日元缺口。出口同比下降1.7%，至81349.9亿日元的四个月低点，这是自2024年9月美国关税上升以来的首次下降。与此同时，进口以7.7%的速度下降，至8772.6亿日元的三个月低点，这是自2024年1月以来最严重的收缩，此前4月份下降了2.2%。进口下降也超过了6.7%的预期，表明国内需求正在恶化。

Japan's trade deficit decreased significantly to JPY 637.61 billion in May 2025 from JPY 1,225.17 billion in the same month last year, beating market expectations of a JPY 893 billion gap. Exports declined 1.7% year-on-year to a four-month low of JPY 8,134.99 billion, marking the first drop since September 2024 amid rising U.S. tariffs. Meanwhile, imports fell at a faster pace of 7.7% to a three-month low of JPY 8,772.60 billion, pointing to the steepest contraction since January 2024 and following a 2.2% decline in April. The drop in imports also exceeded forecasts for a 6.7% decrease, indicating deteriorating domestic demand.

2025年4月，日本的核心机械订单（不包括船舶和电力等波动性项目）环比下降9.1%，至9190亿日元，与3月13%的激增相比大幅逆转。这是自2020年4月新冠肺炎疫情最严重时期以来的最弱数据。非制造业领跌，订单暴跌11.8%，至4708亿日元。制造业订单也下降了0.6%，至4566亿日元。跌幅最大的是其他运输设备（-38.3%）、货物租赁（-31.2%）、其他非制造业（-29.5%）、金融和保险（-23.9%）以及汽车、零部件和配件（-20.3%）。按年度计算，4月份私营部门机械订单增长6.6%，较3月份的8.4%有所放缓，但超过了市场预期的4%。核心机械订单被认为是未来六到九个月资本支出的一个不稳定但关键的领先指标。

Japan’s core machinery orders—excluding volatile items such as ships and electric power—fell 9.1% month-over-month to ¥919 billion in April 2025, marking a sharp reversal from March’s 13% surge. This was the weakest reading since April 2020, during the height of the Covid pandemic. The non-manufacturing sector led the decline, with orders plunging 11.8% to ¥470.8 billion. Manufacturing orders also slipped, down 0.6% to ¥456.6 billion. The steepest drops came from other transport equipment (-38.3%), goods leasing (-31.2%), other non-manufacturing (-29.5%), finance and insurance (-23.9%), and automobiles, parts & accessories (-20.3%). On an annual basis, private-sector machinery orders rose 6.6% in April, easing from March’s 8.4% gain but exceeding market expectations of 4%. Core machinery orders are considered a volatile but key leading indicator of capital spending over the next six to nine months.