JPMorgan: Japan MLCC eXchange — February 2026 Trade Data Shows Stagnant YoY Performance, Down MoM on Lunar New Year
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
JPMorgan's analysis of February 2026 Japanese MLCC trade data reveals continued year-over-year stagnation and a sequential decline driven by Lunar New Year disruptions. Japan exported 7.516 billion MLCC units, up 4.5% year-over-year but down 8.1% month-over-month, falling short of the 10-year seasonal average decline of 6.7%. Export value reached $367 million, climbing 5.5% year-over-year but dropping 3.7% sequentially. The average selling price stabilized at $0.49, representing a 1.0% year-over-year and 4.8% month-over-month increase.
Automotive applications demonstrated relative strength, with export volumes surging 12.3% year-over-year to 932.1 million units. However, automotive ASPs continued falling, dropping 7.5% to $0.76. Conversely, IT applications suffered a notable 12.4% sequential decline to 5.878 billion units as the Lunar New Year heavily impacted shipments to major Asian regions.
AI-related demand remained robust, supported by relatively resilient exports to Taiwan, which partially offset weakness in smartphones and notebooks experiencing memory tightness. High-capacity MLCCs, particularly side-gap types, are experiencing tightening supply-demand dynamics, though conditions remain below widespread tightness. Analysts maintain Neutral ratings on Murata Manufacturing (6981 JP, target price 3,500 yen) and Taiyo Yuden (6976 JP, target price 3,700 yen), awaiting clearer visibility on supply constraints and GB300 demand expansion between April and June.