Japan Machine Tool Makers See Orders from China Dive 50 Pct
Tokyo, March 20 (Jiji Press)--Japanese machine tool makers saw orders from China plummet 50.4 pct from a year earlier in February, according to revised data released by an industry group on Wednesday.
Machine tool orders from China came to 14,080 million yen in the reporting month, down 15.3 pct month on month, according to the Japan Machine Tool Builders' Association.
The Japanese data suggested that a wait-and-see mood among Chinese customers strengthened further amid signs of an economic slowdown and China-U.S. trade friction, on top of the ongoing production adjustment phase.
"There has to be a time lag until stimulus measures revealed at the National People's Congress (in China earlier this month) produce tangible results," JMTBA Chairman Yukio Iimura told a press conference.
Iimura, who doubles as chairman of Toshiba Machine Corp. <6104>, also pointed to uncertainties including from Britain's planned exit from the European Union.
[Copyright The Jiji Press, Ltd.]