Financial News: Japan Core Machine Orders Surge 7.7% In February

Japan Core Machine Orders Surge 7.7% In February

04/14/2024 - 19:57:00 (RTTNews)

(RTTNews) - The value of core machine orders in Japan jumped by a seasonally adjusted 7.7 percent on month in February, the Cabinet Office said on Monday - coming in at 886.6 billion yen.

That blew away expectations for an increase of 0.8 percent following the 1.7 percent drop in January.

On a yearly basis, core machine orders slipped 1.8 percent - but that also beat forecasts for a decline of 5.0 percent after slumping 10.9 percent in the previous month.

Government orders surged 12.1 percent on month and 58.6 percent on year to 527.0 billion yen, while orders from overseas rose 0.7 percent on month and 8.6 percent on year to 1,238.4 billion yen.

For the first quarter of 2024, core machine orders are seen higher by 4.9 percent on quarter and down 0.1 percent on year at 2,637.4 billion yen.

The total value of machinery orders received by 280 manufacturers operating in Japan increased by 2.1 percent on month and 8.8 percent on year in February, at 2,803.4 billion yen.

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