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Japan Core Machine Orders Drop 8.8% On Month In April

Japan-machinery-orders-04072011-1.jpg

Core machine orders in Japan plunged a seasonally adjusted 8.8 percent on month in April to 723.3 billion yen, the Cabinet Office said on Wednesday - falling for just the second time in seven months.

The headline figure missed forecasts for a contraction of 8.1 percent following the 14.2 percent surge in March.

On a yearly basis, core machine orders dipped 1.1 percent - beating expectations for a fall of 4.3 percent following the 2.4 percent increase in the previous month.

The total number of machinery orders, including those volatile ones for ships and from electric power companies, plummeted 14.2 percent on month and 4.3 percent on year in April to 2,026.7 billion yen.

Manufacturing orders lost 7.3 percent on month and 9.8 percent on year to 286.2 billion yen in April, while non-manufacturing orders fell 6.0 percent on month but gained 4.8 percent on year to 447.2 billion yen.

Government orders dipped 6.3 percent on month and 8.0 percent on year to 248.5 billion yen. Orders from overseas lost 19.9 percent on month but gained 6.7 percent on year to 821.7 billion yen. Orders from agencies plummeted 38.2 percent on month and 16.6 percent on year to 74.8 billion yen.

For the second quarter of 2013, core machine orders are forecast to have fallen 1.5 percent on quarter and 7.7 percent on year.

Also on Wednesday, the Bank of Japan noted that an index measuring prices for domestic corporate goods in Japan was up 0.1 percent in May compared to the previous month, standing at 101.6.

That missed expectations for an increase of 0.2 percent following the upwardly revised 0.4 percent gain in April (originally 0.3 percent).

On a yearly basis, prices were up 0.6 percent - matching forecasts following the upwardly revised 0.1 percent increase in the previous month (originally flat).

Export prices were down 0.4 percent on month and 2.3 percent on year, while import prices shed 1.3 percent on month and 4.5 percent on year.

by RTT Staff Writer

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