日本机械：2025年5月日本机床制造商协会初步订单情况：趋势似乎仍未受到关税负面影响

The Japan Machine Tool Builders’ Association (JMTBA) released preliminary machine tool order data for May 2025 during afternoon trading on June 10. Overall orders totaled ¥128.7 bn (+3% yoy, -1% mom), with domestic orders totaling ¥33.0 bn (-5% yoy, -4% mom) and overseas orders totaling ¥95.7 bn (+7% yoy, -0% mom). We will be looking to confirm detailed regional and industry trends in the final data scheduled for release on June 25. Below we discuss our views on the preliminary figures. Domestic orders totaled ¥33.0 bn (-5% yoy, -4% mom). The 4.0% mom decline was in line with expectations, considering impact from the seasonality of the Golden Week holidays occurring in this period (typically resulting in a single-digit percentage yoy decrease). However, the absolute level of ¥33.0 bn is slightly below the ¥33.2 bn recorded in May 2021 and represents the lowest level for May since the ¥29.2 bn seen in 2013 (excluding the ¥18.2 bn during the COVID-19 pandemic in May 2020). Overseas orders