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Japan Core Machine Orders Plummet 19.5% In May

Core machine orders in Japan plunged 19.5 percent on month in May, the Cabinet Office said on Thursday - marking the highest monthly decline on record.

The headline figure catastrophically missed forecasts for an increase of 0.7 percent following the 9.1 percent contraction in April.

On a yearly basis, machine orders tumbled 14.3 percent - also well shy of expectations for a gain of 10.1 percent following the 17.6 percent spike in the previous month.

Following the release of the data, the Japanese government cut its assessment of core machine orders.

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