FX.co ★ Japan’s Big Manufacturers Trim CAPEX Plans as Tankan Gauge Edges Down in Q3

Japan’s corporate investment appetite softened slightly in the third quarter of 2026, with the Tankan All Big Industry CAPEX indicator easing to 11.3%, down from 11.5% in the previous quarter. The data, updated on 30 September 2026, signals a modest cooling in capital expenditure plans among Japan’s largest companies after a period of relatively solid investment intentions earlier in the year.

The small 0.2 percentage-point decline from the second quarter suggests that while major Japanese firms are not pulling back sharply, they are showing a touch more caution in committing to new plants, equipment and technology. Investors and policymakers will be watching upcoming quarters closely to see whether this is the start of a broader downshift in corporate capital spending or simply a pause following earlier strength.