Japan Machine Tool Orders Down for 8th Straight Month
Tokyo, June 20 (Jiji Press)--Orders for machine tools in Japan in May tumbled 27.3 pct year on year to 108.5 billion yen, down for eight months in a row, the Japan Machine Tool Builders' Association said Thursday.
The drop came as companies avoided investing in facilities and equipment on the back of the U.S.-China trade war.
Orders from abroad were down 23.8 pct at 65.8 billion yen, hit by a decrease in demand from China. Orders from China fell for the 15th consecutive month.
Domestic orders also fell sharply, by 32.1 pct to 42.7 billion yen, down for the second straight month.
There were stable orders from companies in May, even though the number of business days was limited due to this year's Golden Week holiday with an unprecedented 10 consecutive days off, the association said.
[Copyright The Jiji Press, Ltd.]