News / Japan machine tool orders witness 12th straight month of decline in July
Date: 2016-08-10
Japan machine tool orders witness 12th straight month of decline in July
Machine tool orders in Japan witnessed decline for the 12th straight month in a row in July, a worrying state for the country’s manufacturing sector that suffers the pessimism of global demand in recent times.
The preliminary reading for orders in July showed they fell 19.6 per cent year-on-year, according to data from an industry body. This brings the consecutive run of decreases to a full year. There had been a 19.9 per cent slump in June.
However, corporate activity also improved for the first time in four months, by 3.2 points, having previously worsened after peaking in March. The construction sector continued to see firm orders. Respondents expressed expectations for a recovery in orders in some other sectors as market volatility eases after the UK Brexit vote.
Further, Yuriko Tanaka, an analyst at Goldman Sachs, noted that some companies expressed concerns about a strengthening yen in the most recent Economy Watchers Survey, a monthly outlook gauge compiled by the Cabinet Office, reports said.
Meanwhile, the Bank of Japan had unleashed a wave of stimulus in a package that failed to meet market expectations, although it left the door open to further easing this autumn as it undergoes something of a period of deep reflection about the direction policy might take. Further, Prime Minister Shinzo Abe launched a JPY28.1 trillion (USD276 billion) stimulus package at the start of this month.
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