Japan Capital Goods: Machinery Meter: FA accelerates, HVAC improves; construction steady

Research evidence excerpt

Japan Capital Goods: Machinery Meter: FA accelerates, HVAC improves; construction steady

Accessible version

Japan Capital Goods

Machinery Meter: FA accelerates, HVAC

improves; construction steady

Industry Overview

11 May 2026

May edition of Machinery Meter Equity

Each month, we publish a compilation of data points that we find useful in tracking trends Japan

across the sector. We believe this alongside our other data-driven reports, such as the Capital Goods

BofA Japan FA Indicator (see link Global Industrials: BofA Japan FA Indicator: ticks up

again on semis 25 March 2026), provide investors with a better sense of where demand Table of Contents

and earnings are headed. An Excel version of the data is also available upon request.

Factory Automation-related data points 2

Machine tool-related data points 3FA: Stronger data trends, despite ME conflict

Momentum improved into March-April across industry indicators, despite the Middle Construction and mining equipment-related

East (ME) conflict, reinforcing the solid trends seen from FA-related companies this data points

earnings season. The pick-up was driven mainly by electronics end-markets (semis and Farming equipment-related data points 5

consumer) and China, where sales trends for AirTAC/Hiwin accelerated into April (see Power tools-related data points 6

report Greater China Industrials: FA channel check: order growth accelerated in April 09 HVAC-related data points 8

May 2026). In contrast, automotive demand remains soft, in line with company feedback. Macro data points 8

Macro data are also supportive, with manufacturing PMIs above 50 across key regions Inventory data points 10

and a rebound in China industrial profits. The next catalyst to watch is a recovery in Recent reports relating to monthly data points 10