Economic Cycles and Fluctuations in Capital Investment Demand
First written in FY2016. 17 of 38 entries say "Mitigated", first in FY2017-Q3. Latest entry: 2026-08-07.
Takamatsu Machinery moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2019: 9 of 13 companies on the "Worse" side.
8 other companies' latest entry also says "Mitigated".
- 2026-08-07MitigatedEarnings
「Signs of recovery were also seen in domestic demand, particularly in the automotive sector, which remained at a high level. The industry as a whole remained strong throughout the period, with orders in June reaching a record high for a single month.」
The assessment of the machine tool industry changed to reflect signs of recovery in domestic demand, including automotive-related demand, and a strong overall industry environment. - FY2026Industry orders up, but domestic and automotive investment remains cautiousAnnual report
「Total industry orders in fiscal 2025 were ¥1,704.6 billion, up 12.9% year on year.」
Orders in the machine tools industry totaled ¥1,704.6 billion in fiscal 2025, up 12.9%, but investment decisions in Japan remained cautious, particularly in the automotive sector, and it was explained that a full recovery would take time. The outlook for calendar 2026 was also presented at ¥1,700.0 billion, up 6.0% year on year. - 2026-05-08OtherRevision of earnings forecasts
「Total industry orders in fiscal 2025 were ¥1,704.6 billion, up 12.9% year on year.」
Industry orders increased, but the text states that domestic capital investment decisions remained cautious and that a full-scale recovery would continue to take time. - FY2026-H1Industry orders up, but domestic and automotive investment remains cautiousAnnual report
「In the machine tool industry, the group's main business area, overseas demand remained solid despite uncertainty in the global economy. Some replacement demand emerged in domestic markets, but automotive companies remained cautious in making investment decisions, which was one factor holding back domestic orders. As a result, industry orders for the six months ended 30 September 2025 increased 5.5% year on year to ¥779.7 billion.」
Total industry orders increased 5.5% year on year, but the recovery was led by overseas demand. Caution toward capital investment in domestic markets, particularly among automotive companies, continued. - FY2025Industry orders up, but domestic and automotive demand remains weakAnnual report
「Total industry orders in FY2024 were ¥1,509.7 billion, up 3.9% from the previous year. Overseas orders recovered, led by demand in Asia, including China and India, and increased 7.0% to ¥1,065.5 billion. Domestic demand, particularly semiconductor-related demand, was beginning to show signs of recovery, but the lack of a recovery in automotive demand left overall momentum weak. Domestic orders fell 2.9% to ¥444.1 billion.」
Industry orders increased overall, but the recovery was led by overseas demand, while domestic orders declined against a backdrop of weak automotive demand. - FY2025-H1Industry orders slightly higher, but automotive demand remains weakAnnual report
「In the machine tool industry, the group's main business area, the market is believed to be moving from an adjustment phase toward a full recovery. However, automotive demand has yet to gain momentum and remained somewhat weak. Industry orders for the six months ended 30 September 2024 edged up year on year to ¥739.3 billion.」
Total machine tool industry orders edged up year on year, but automotive-related demand had yet to fully recover, indicating that the recovery lacked momentum. - FY2024Annual industry orders down, slight increase forecast for the following yearAnnual report
「In the machine tool industry, the group's main business area, FY2023 industry orders fell 14.8% year on year to ¥1,453.1 billion, marking the first decline in 3 years. Domestic demand remained weak, particularly as automotive companies continued to postpone capital investment, while overseas demand was affected by the continued weakness of the Chinese economy. The Japan Machine Tool Builders' Association forecasts 2024 calendar-year industry orders at ¥1,500.0 billion, up 0.9% year on year.」
Industry orders declined for the first time in 3 years in FY2023, while a 0.9% increase was forecast for 2024 calendar year, presenting both deterioration and the prospect of a modest recovery in the demand environment. - FY2024-Q3WorsenedAnnual report
「In the machine tool industry, the group's main business area, delayed recovery in domestic demand, particularly automotive demand, and the continued weakness of the Chinese economy in overseas markets caused actual 2023 calendar-year industry orders to fall 15.5% year on year to ¥1,486.5 billion.」
Against a backdrop of delayed recovery in domestic demand, including automotive demand, and the weak Chinese economy, 2023 calendar-year industry orders fell 15.5% year on year, and the risk from fluctuations in capital investment demand became more pronounced. - FY2024-Q2WorsenedAnnual report
「In the machine tool industry, the group's main business area, industry orders for the six months ended 30 September 2023 fell 17.7% year on year to ¥737.2 billion. Domestic demand remained in an adjustment phase not only in automotive but also in general machinery and electrical and precision machinery, declining year on year for 13 consecutive months overall. Overseas demand also remained weak, declining year on year for 9 consecutive months due partly to high interest rates and the weak Chinese economy.」
Total machine tool industry orders fell 17.7% year on year to ¥737.2 billion, with declines in both domestic and overseas demand becoming prolonged. The risk from fluctuations in capital investment demand became more pronounced. - FY2024-Q1WorsenedAnnual report
「In the machine tool industry, the group's main business area, industry orders for the three months ended 30 June 2023 fell 19.2% year on year to ¥374.2 billion. In June, domestic automotive orders fell below ¥7.5 billion for the first time in 33 months, since September 2020, due to delayed recovery in capital investment. Overseas orders to Asia fell below ¥35.0 billion for the first time in 31 months, since November 2020, due partly to delays in China's economic stimulus. Adjustment continued in both domestic and overseas markets.」
Total machine tool industry orders fell 19.2% year on year, while automotive and Asia-bound orders reached their lowest levels in an extended period, indicating that an adjustment in capital investment demand had materialized in both domestic and overseas markets. - FY2023-Q3WorsenedAnnual report
「Actual 2022 calendar-year industry orders rose 14.2% year on year to ¥1,759.6 billion, the highest level since 2018. However, various risks have accumulated, including weaker capital investment appetite in overseas markets due to higher interest rates and inflation, the end of the semiconductor demand cycle, uncertainty following China's shift away from its zero-COVID policy, and delayed recovery in automotive demand in domestic markets.」
Although total industry orders remained high, downside factors for capital investment demand were identified, including higher interest rates and inflation, the end of the semiconductor demand cycle, uncertainty following China's policy shift, and delayed recovery in automotive demand. - FY2023-Q2MitigatedAnnual report
「In the machine tool industry, the group's main business area, various risks remained a concern, but overseas orders stayed high in China, Europe and the US. Domestic capital investment was also active, particularly in semiconductor manufacturing, where large projects are common. Industry orders for the six months ended 30 September 2022 therefore rose 14.0% year on year to ¥895.6 billion.」
Despite concerns over the situation in Ukraine and supply chain disruptions, overseas demand in China, Europe and the US and domestic demand centered on semiconductor manufacturing remained high. Total industry orders increased 14.0% year on year. - FY2023-Q1MitigatedAnnual report
「In the machine tool industry, the group's main business area, various risks remained a concern, but overseas orders stayed high across a broad range of sectors in Europe and the US in addition to China. Domestic capital investment was also active, particularly in semiconductor manufacturing. Industry orders for the three months ended 30 June 2022 therefore rose 21.9% year on year to ¥463.0 billion.」
Despite concerns over the situation in Ukraine and supply chain disruptions, total machine tool industry orders rose 21.9% year on year to ¥463.0 billion, and the risk from fluctuations in capital investment demand across the industry moved toward mitigation. - FY2022MitigatedAnnual report
「In the machine tool industry, the group's main business area, industry orders in FY2021 totaled ¥1,667.5 billion, up 68.7% from the previous year. Overseas orders reached a record ¥1,101.2 billion, exceeding the FY2017 level. At the same time, production and shipments continued to be affected by component shortages and higher raw material prices and logistics costs.」
Machine tool industry orders increased 68.7% year on year, while overseas orders reached a record ¥1,101.2 billion, and the risk from fluctuations in capital investment demand moved toward mitigation. Supply constraints and higher costs, however, continued. - FY2022-Q3MitigatedAnnual report
「In the machine tool industry, the group's main business area, actual 2021 calendar-year industry orders rose 70.9% year on year to ¥1,541.4 billion, exceeding the 2019 pre-pandemic level of ¥1,229.9 billion. However, production and shipments continued to be affected by higher material costs and shortages of components and containers.」
Total machine tool industry orders rose 70.9% year on year to ¥1,541.4 billion, exceeding the 2019 pre-pandemic level, so the demand fluctuation risk moved toward mitigation. Supply-side constraints, however, continued. - FY2022-Q2MitigatedAnnual report
「In the machine tool industry, the group's main business area, industry orders for the six months ended 30 September 2021 rose 98.1% year on year to ¥785.4 billion. In September, the forecast for annual industry orders was raised from ¥1,200 billion to ¥1,450 billion, including an additional ¥250 billion in overseas demand. Although recovery varied by country, domestic and overseas demand was returning toward pre-pandemic levels.」
Total machine tool industry orders increased 98.1% year on year, and the annual order forecast was raised from ¥1,200 billion to ¥1,450 billion. The risk from fluctuations in capital investment demand moved further toward mitigation. - FY2022-Q1MitigatedAnnual report
「In the machine tool industry, the group's main business area, economic stimulus measures and progress in vaccinations supported a steady recovery in Europe and the US in addition to strong China in overseas markets. Domestic capital investment also showed signs of recovery despite challenging economic conditions. Industry orders for the three months ended 30 June 2021 therefore rose 117.7% year on year to ¥379.9 billion.」
Although the impact of the pandemic continued, capital investment demand recovered in China, Europe and the US, and Japan, supported by economic stimulus measures and vaccinations. Total industry orders increased 117.7% year on year. - FY2021MitigatedAnnual report
「Total industry orders in FY2020 fell below ¥1 trillion for the first time in 11 years to ¥988.4 billion, down 10.1% from the previous year. However, orders recovered from the May 2020 trough, exceeding the ¥100 billion benchmark for industry upturns and downturns for two consecutive months in February and March 2021.」
Although industry orders declined for the full year, they recovered toward the fiscal year-end from the May 2020 trough, partially mitigating the demand fluctuation risk from the previous quarter. - FY2021-Q3WorsenedAnnual report
「In the machine tool industry, the group's main business area, restrained capital investment due to COVID-19 and the ongoing US-China trade dispute led actual 2020 calendar-year industry orders announced by the Japan Machine Tool Builders' Association to fall 26.7% year on year to ¥901.8 billion, below ¥1 trillion for the first time in 10 years, since 2010.」
The risk from fluctuations in capital investment demand deteriorated further, as reflected in the 26.7% decline in total industry orders and the first fall below ¥1 trillion in 10 years. - FY2021-Q2WorsenedAnnual report
「In light of restrained capital investment due to COVID-19 and the ongoing US-China trade dispute, the Japan Machine Tool Builders' Association revised down its forecast for 2020 calendar-year industry orders from ¥1,200 billion to ¥850 billion.」
Capital investment was restrained by the pandemic and the US-China trade dispute, prompting a downward revision in the industry order forecast from ¥1,200 billion to ¥850 billion and further deterioration in demand fluctuation risk. - FY2021-Q1WorsenedAnnual report
「In the machine tool industry, the group's main business area, economic conditions deteriorated rapidly in Japan and overseas due to the impact of COVID-19, and extremely challenging conditions continued. Industry orders for the three months ended 30 June 2020 therefore fell 44.8% year on year to ¥174.5 billion.」
Machine tool industry orders fell 44.8% year on year to ¥174.5 billion, a sharper decline than the 34.9% decrease for FY2020. - FY2020WorsenedAnnual report
「In the machine tool industry, the group's main business area, total industry orders in FY2019 were ¥1,099.5 billion, down 34.9% from the previous year. In addition to the previously weak capital investment environment, the impact of COVID-19 caused demand to continue declining, with monthly industry orders falling below ¥80 billion from February 2020 onward.」
In addition to weak capital investment demand, the impact of the pandemic caused annual machine tool industry orders to fall 34.9%, with monthly orders also falling below ¥80 billion. - FY2020-Q3WorsenedAnnual report
「In the machine tool industry, the group's main business area, monthly industry orders fell below ¥100 billion from August 2019 onward. Due to the effects of US-China trade friction, the challenging order environment continued in Japan and overseas, and total industry orders for the nine months ended 31 December 2019 fell 34.7% year on year to ¥864.0 billion.」
The challenging order environment in Japan and overseas continued due to the effects of US-China trade friction. Total industry orders fell 34.7% year on year to ¥864.0 billion, and the risk from fluctuations in economic conditions and capital investment demand deteriorated further from the previous quarter. - FY2020-Q2WorsenedAnnual report
「In the machine tool industry, the group's main business area, deterioration in the capital investment environment in Japan and overseas due to US-China trade friction caused monthly industry orders in August 2019 to fall below ¥90 billion for the first time in 6 years and 4 months. Total industry orders for the six months ended 30 September 2019 fell 34.0% year on year to ¥604.8 billion.」
Deterioration in the capital investment environment due to US-China trade friction continued, with total industry orders falling 34.0% year on year to ¥604.8 billion. The risk from fluctuations in economic conditions and capital investment demand deteriorated further from the previous quarter. - FY2020-Q1WorsenedAnnual report
「In the machine tool industry, the group's main business area, greater caution toward capital investment, including as a result of trade issues, reduced total industry orders for the three months ended 30 June 2019 by 33.0% year on year to ¥316.1 billion in both domestic and overseas markets.」
Trade issues and other factors increased caution toward capital investment, resulting in total machine tool industry orders of ¥316.1 billion, down 33.0% year on year. The risk from fluctuations in economic conditions and capital investment demand deteriorated, accompanied by a decline in orders. - FY2019WorsenedAnnual report
「Total industry orders in FY2018 were ¥1,689.1 billion, down 5.1% from the previous year. Domestic and overseas orders continued to trend lower following the record level in FY2017, but remained the second-highest on record.」
Total machine tool industry orders remained high but fell 5.1% following the previous year's record level, indicating renewed deterioration in the risk from fluctuations in economic conditions and capital investment demand. - FY2019-Q3MitigatedAnnual report
「In the machine tool industry, the group's main business area, solid demand continued in Japan and overseas. Total industry orders in 2018 reached ¥1,815.8 billion, up 10.3% year on year and a record high for the second consecutive year.」
Solid machine tool demand continued in Japan and overseas. Total industry orders in 2018 rose 10.3% year on year to ¥1,815.8 billion, setting a record for the second consecutive year. The risk from fluctuations in economic conditions and capital investment demand remained mitigated. - FY2019-Q2MitigatedAnnual report
「Despite various risks, the machine tool industry, the group's main business area, remained solid in Japan and overseas, with industry orders exceeding the prior-year month for 22 consecutive months. Industry orders for the first half of FY2018 totaled ¥916.6 billion, up 11.4% from the same period a year earlier, the second-highest half-year level on record after the second half of FY2017.」
Machine tool industry orders exceeded the prior-year month for 22 consecutive months. Orders for the first half of FY2018 totaled ¥916.6 billion, up 11.4% year on year. The risk from fluctuations in capital investment demand remained mitigated. - FY2019-Q1MitigatedAnnual report
「In the machine tool industry, the group's main business area, users' capital investment remained strong even after the start of the new fiscal year, and demand remained at a very high level. Industry orders for the three months ended 30 June 2018 totaled ¥471.6 billion, up 16.0% from the same period a year earlier.」
Capital investment demand remained high, and total machine tool industry orders increased 16.0% year on year. The risk from fluctuations in economic conditions and capital investment demand therefore remained mitigated. - FY2018MitigatedAnnual report
「In the machine tool industry, the group's main business area, total industry orders for FY2017 reached a record ¥1,780.3 billion, up 38.1% from the previous year. Strong demand continued in both domestic and overseas markets, and orders continued to increase at a consistently high level, reaching a record monthly ¥182.8 billion in March 2018.」
Capital investment demand in the machine tool industry recovered and expanded over the full year, driving total industry orders to a record high. Conditions indicating the risk from fluctuations in economic conditions and capital investment demand continued to improve. - FY2018-Q3MitigatedAnnual report
「In the machine tool industry, the group's main business area, monthly industry orders exceeded ¥160 billion for the first time in December 2017, reaching a record ¥165.9 billion. Demand in Japan and overseas remained strong, and industry orders for the nine months ended 31 December 2017 increased 38.2% from the same period a year earlier.」
The recovery in machine tool industry demand continued. Industry orders reached a record ¥165.9 billion in December 2017 and increased 38.2% year on year on a cumulative basis. The risk from fluctuations in economic conditions and capital investment demand was partially mitigated. - FY2018-Q2MitigatedAnnual report
「In the machine tool industry, the group's main business area, monthly industry orders in September 2017 reached a record ¥149.1 billion, as strong capital investment continued in Japan and overseas. Industry orders for the six months ended 30 September 2017 increased 33.2% from the same period a year earlier.」
The recovery in capital investment demand continued. Industry orders reached a record ¥149.1 billion in September 2017 and increased 33.2% year on year on a first-half cumulative basis. The risk from fluctuations in economic conditions and capital investment demand was partially mitigated. - FY2018-Q1MitigatedAnnual report
「In the machine tool industry, the group's main business area, monthly industry orders in June 2017 reached ¥142.9 billion, the third-highest monthly level on record. Overall market conditions recovered in Japan and overseas, and demand continued to expand. Industry orders for the three months ended 30 June 2017 increased 30.0% from the same period a year earlier.」
Demand in the machine tool industry recovered. Industry orders in June totaled ¥142.9 billion, and cumulative quarterly orders increased 30.0% year on year. The risk from fluctuations in economic conditions and capital investment demand was partially mitigated. - FY2017MitigatedAnnual report
「Monthly industry orders fell below ¥100 billion in April 2016 for the first time in 32 months and then remained broadly flat, but turned upward toward the fiscal year-end, led by overseas demand. Orders in March 2017 reached ¥142.7 billion, the third-highest monthly level on record.」
Demand stagnation affected full-year results, but recovered toward the fiscal year-end, led by overseas demand. Industry orders increased to ¥142.7 billion. - FY2017-Q3MitigatedAnnual report
「In the machine tool industry, monthly industry orders fell below ¥100 billion in April 2016 for the first time in 32 months and then remained broadly flat, but turned upward toward year-end, led by overseas demand. Monthly orders in December 2016 exceeded ¥110 billion for the first time in 9 months.」
Capital investment demand remained weak, but turned upward toward year-end, led by overseas demand. Industry orders in December exceeded ¥110 billion, indicating partial mitigation of the risk. - FY2017-Q2MaterialisedAnnual report
「In the machine tool industry, monthly industry orders fell below ¥100 billion in April 2016 for the first time in 32 months and then remained broadly flat. Industry orders for the six months ended 30 September 2016 fell 18.3% from the same period a year earlier, indicating that demand lacked strength in both domestic and overseas markets compared with the strong performance of the previous year.」
Weak capital investment demand continued to materialize as an 18.3% decline in total machine tool industry orders and contributed to the company's lower revenue and profit. - FY2017-Q1MaterialisedAnnual report
「In the machine tool industry, monthly industry orders fell below ¥100 billion in April 2016 for the first time in 32 months. Industry orders for the first three months of the fiscal year fell 23.6% from the same period a year earlier, indicating that demand lacked strength compared with the strong performance of the previous year.」
The risk from fluctuations in economic conditions and capital investment demand materialized in the form of lower machine tool orders and the company's revenue decline and operating loss. - FY2016First statedAnnual report
「The machine tools business is significantly affected by private-sector capital investment trends. Demand for machine tools therefore fluctuates in response to changes in economic conditions and the broader economic environment in Japan and overseas.」
The risk that machine tool demand moves in line with economic conditions and capital investment was identified. The company also explained that automotive-related industries account for more than half of its sales destinations.