Jiji PressTOKYO (Jiji Press) — Japan’s seasonally adjusted core machinery orders in January fell 3.2 percent from the previous month, down for the first time in two months, the Cabinet Office said Monday.
Private-sector orders excluding those for ships and power equipment, closely watched as a leading indicator of corporate capital spending, came to ¥837.9 billion.
The January result, which followed a 2.1 pecent increase in December, compared with a median estimate of a 0.4 percent rise by 19 economic research institutes surveyed by Jiji Press.
Core orders from nonmanufacturers grew, but orders from manufacturers plunged.
The Cabinet Office maintained its basic assessment of machinery orders, saying that moves toward recovery appear to be stalled.
Orders from the manufacturing sector tumbled 10.8 percent, marking the first drop in four months. The plunge reflected sluggish orders from nonferrous metal producers, chemical firms and ceramic, stone and clay product makers.