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Financial News: Japan Core Machine Orders Plunge 12.0% In April

Japan Core Machine Orders Plunge 12.0% In April

06/09/2020 - 20:45:00 (RTTNews)

(RTTNews) - The value of core machine orders in Japan tumbled a seasonally adjusted 12.0 percent on month in April, the Cabinet Office said on Wednesday - standing at 752.6 billion yen.

That missed estimates for a fall of 8.6 percent following the 0.4 percent drop in March.

Ona yearly basis, core machine orders sank 17.7 percent - again missing forecasts for a fall of 14.0 percent following the 0.7 percent decline in the previous month.

For the second quarter of 2020, core machine orders are now forecast to have fallen 0.9 percent on quarter and 10.4 percent on year.

Government orders were down 7.2 percent on quarter and 5.2 percent on year to 259.8 billion yen, while orders from overseas plunged 21.6 percent on month and 16.8 percent on year to 689.4 billion yen. Orders through agencies retreated 8.9 percent on month and 17.8 percent on year to 105.3 billion yen.

The total value of machinery orders received by 280 manufacturers operating in Japan fell 8.3 percent on month in April.

Also on Wednesday, the Bank of Japan said that producer prices in Japan were down 0.4 percent on month in May, missing expectations for a drop of 0.3 percent following the 1.5 percent slide in April.

On a yearly basis, producer prices sank 2.7 percent - again missing expectations for a fall of 2.4 percent after losing 2.3 percent in the previous month.

Export prices were down 1.2 percent on month and 6.5 percent on year, the bank said, while import prices tumbled 5.6 percent on month and 17.6 percent on year.

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