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Financial News: Japan Core Machine Orders Plunge 8.8% In June

Japan Core Machine Orders Plunge 8.8% In June

08/08/2018 - 21:15:00 (RTTNews)

(RTTNews) - The total number of core machine orders in Japan tumbled a seasonally adjusted 8.8 percent on month in June, the Cabinet Office said on Thursday - worth 827.6 billion yen.

That was well shy of forecasts for a drop of 1.0 percent after sliding 3.7 percent in May.

On a yearly basis, core machine orders added 0.3 percent - again missing expectations for a spike of 10.5 percent and down sharply from 16.5 percent in the previous month.

The total value of machinery orders received by 280 manufacturers operating in Japan tumbled 14.4 percent on quarter and 3.4 percent on year to 2,213.9 billion yen.

Manufacturing orders were down 15.9 percent on month and up 6.6 percent on year to 381.8 billion yen, while non-manufacturing orders fell 7.0 percent on month and 4.6 percent on year to 445.4 billion yen.

Government orders plunged 16.7 percent on month and 17.1 percent on year to 228.4 billion yen, while orders from overseas skidded 12.0 percent on month and 3.2 percent on year to 925.0 billion yen. Orders through agencies dropped 15.8 percent on month and 10.3 percent on year to 115.7 billion yen.

For the second quarter of 2018, core machine orders gained 2.2 percent on quarter and 8.0 percent on year to 2,678.6 billion yen.

For the third quarter, core machine orders are forecast to fall 0.3 percent on quarter and gain 6.4 percent on year at 2,671.4 billion yen.

Also on Thursday, the Bank of Japan said that the M2 money stock in Japan was up 3.0 percent on year in July, coming in at 1,007.5 trillion yen.

That was shy of expectations for an increase of 3.1 percent, which would have been unchanged from the June reading.

The M3 money stock advanced an annual 2.6 percent to 1,338.6 trillion yen. That was unchanged from the previous month, although it missed expectations for a gain of 2.7 percent.

The L money stock gained 2.3 percent on year to 1,785.8 trillion yen - slowing from 2.5 percent a month earlier.

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