Financial News: Japan Core Machinery Orders Growth Accelerates

Japan Core Machinery Orders Growth Accelerates

(RTTNews) - Japan's core machinery orders growth accelerated in November, reflecting an increase in capital expenditure, official data revealed Monday.

Core machinery orders increased 3.4 percent on a monthly basis, faster than the 2.1 percent increase in October, data from the Cabinet Office showed on Monday.

Moreover, this was the second consecutive increase and confounded expectations for a decline of 0.7 percent.

Machinery orders from manufacturers increased 6.0 percent but slower than the 12.5 percent increase. At the same time, core orders from non-manufacturers gained 1.2 percent, offsetting a decline of 1.2 percent.

Total machinery orders showed a sharp monthly fall of 14.4 percent, in contrast to the 21.1 percent increase in October.

Elsewhere, revised data from the Ministry of Economy, Trade and Industry showed that industrial production declined slightly less than initially estimated in November.

Production decreased 2.2 percent month-on-month, reversing October's 2.8 percent rise. The initial estimate showed a monthly drop of 2.3 percent. On a yearly basis, production fell 2.7 percent after a 1.4 percent gain.

Production capacity utilization decreased 1.9 percent from the previous month, following a 2.6 percent gain in October.

Another report from the METI showed that tertiary industry activity declined 0.3 percent compared to the previous month compared to a 0.1 percent gain in October. Year-on-year, tertiary industry activity growth softened to 0.9 percent from 1.5 percent.

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