Japan's Q2 Corporate Capital Expenditure Accelerates, Strengthening Economic Recovery and Raising Central Bank Rate Hike Expectations

智通财经2026/09/01 02:52

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Data from Japan's Ministry of Finance shows that corporate capital expenditure growth accelerated to 1.6% year-on-year in the second quarter (compared to just 0.05% growth in the previous quarter), rising 1.5% quarter-on-quarter after seasonal adjustment, indicating stronger business investment appetite.
Minami Takeshi, chief researcher at Norinchukin Research Institute, pointed out that robust global growth in the AI sector is forcing Japanese companies to ramp up investment to avoid falling behind, while upcoming government investment incentive policies will also support corporate investment prospects.
This data will be used for the revised GDP figure to be released on September 8. The preliminary figure showed second-quarter GDP grew at an annualized rate of 1.1% quarter-on-quarter (below the previous quarter's 1.9%), and the accelerated pace of capital spending may raise expectations for an upward revision.
Corporate sales grew 5.9% year-on-year in the quarter, while recurring profits soared 24.6% to a record 44.7 trillion yen (about $279.86 billion), mainly benefiting from a weaker yen and lower U.S. tariffs boosting export manufacturers.
Minami Takeshi believes that corporate profits have already withstood the negative impact of rate hikes and that the outlook remains robust, further confirming that additional rate increases pose no issue. According to sources, the Bank of Japan could raise rates as early as the September 17–18 meeting, and may consider a more aggressive pace of rate hikes than the current roughly twice a year.

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