Japan: BOJ branch manager meeting (July 2026)

研报英文原文证据摘录

Japan: BOJ branch manager meeting (July 2026)

it to carry on rising and rise further Kumamoto Production machinery

in 2027.

・Steel demand has been weak recently from the construction machinery industry, particularly in Japan, but inquiries from Kobe Iron & Steel

the industrial machinery industry have been strong both in Japan and overseas thanks to AI-related demand.

・Exports of semiconductor parts and materials for communications equipment and data centers have been solid thanks to Niigata Other manufacturing

buoyant AI-related demand.

・Tighter Chinese controls on exports to Japan have made it harder to procure cutting tools made with rare metals. It is Matsumoto Transportation

highly uncertain how long production will be able to continue. machinery

Source: Nomura, based on BOJ materials

Fig. 2: Comments from companies about fixed investment in Regional Economic Report (Sakura Report)

BOJ branch where

Category Main comments from companies Sector

reported

Capex ・Orders for electronic parts for data centers have been rising rapidly as a result of rising global AI-related demand, and we Kanazawa Electronic components

plan to build a new plant. & devices

・While earnings are expected to deteriorate due in part to the situation in the Middle East, we are nevertheless investing Nagoya Transportation

boldly in automotive electrification and the development of cutting-edge technologies. machinery

・We have been investing in labor-saving and digitalization, including the introduction of systems using drones and AI, in Kofu Construction

order to cope with labor shortages on construction sites.

・Investment returns have been falling as a result of rises in construction costs and the cost of borrowing, but not so far that Head office Accommodations

we have had to halt investment.