Japan Machine Tool Orders Down 5.9 Pct in Oct.
Tokyo, Nov. 12 (Jiji Press)--Machine tool orders received by Japanese makers in October fell 5.9 pct from a year before to 82.3 billion yen, industry data have shown.
Orders went down for the 25th straight month, but the pace of decline slowed from the previous month for the fifth consecutive month, according to preliminary data released by the Japan Machine Tool Builders’ Association on Wednesday.
After hitting a bottom at 51.2 billion yen in May, machine tool orders, regarded as a leading indicator of corporate capital spending, have been recovering gradually.
“Orders have started to show underlying strength,” an official of the association said.
In October, domestic orders were down 13.6 pct from a year before at 28.8 billion yen while those from abroad fell 1.1 pct to 53.4 billion yen.
[Copyright The Jiji Press, Ltd.]