— Japan Oct Machinery Orders Post 2nd M/M Drop In Row
— Japan Oct Machine Orders MNI Survey Median Forecast: -0.2%
— Japan Govt Repeats View: Machine Orders Picking Up
— Japan Oct Core Machine Orders Ex-Handsets +0.6%; Sep -14.2%
— Japan Oct Core Machinery Orders +7.0% Y/Y Vs Sep +4.2%
— Japan Oct Core Machinery Orders Post 4th Y/Y Rise In Row
TOKYO (MNI) – Japan’s core private-sector machinery orders posted a
sharper-than-expected drop in October, down by a seasonally adjusted
1.4% from the previous month, the Cabinet Office said Wednesday.
The October m/m decline was the second in a row, following the
10.3% m/m plunge in September, which was in payback for the 10.1 surge
in August,
The October core figure came in weaker than the 0.2% m/m decline
expected in the median forecast in a MNI survey of economists (forecast
range: -8.0% to +4.9%).
Compared to a year earlier, core private machinery orders rose 7.0%
in September, posting the fourth straight y/y gain and accelerating from
+4.2% in September but decelerating from 24.1% in August.
Despite the second monthly drop in a row, the Cabinet Office
repeated its recent longer-term assessment, saying: “Machinery orders
are picking up.”
Core private-sector machinery orders, which exclude volatile demand
from electric utilities and for ships, are viewed as a leading indicator
of corporate capital investment.
Core private orders minus mobile handsets, a fairly new reading
used as a guide to the underlying orders trend, rebounded by 0.6% m/m in
October after falling 14.2% in September and rising 11.2% in August.
tokyo@marketnews.com
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