Japan Nov. Machine Tool Orders Up for 1st Time in 26 Months
Tokyo, Dec. 10 (Jiji Press)--Machine tool orders received by Japanese makers in November rose 8.0 pct from a year before to 88.2 billion yen, industry data have shown.
Orders increased for the first time in two years and two months, since they logged a 2.9 pct rise in September 2018, according to preliminary data released by the Japan Machine Tool Builders’ Association on Wednesday.
While the level of orders remains low, they grew year on year thanks to a recovery of capital investment in countries such as China, which apparently overcame the impacts of the coronavirus epidemic, association officials said.
Orders from abroad jumped 22.5 pct to 61.6 billion yen, while domestic orders dropped 15.2 pct to 26.5 billion yen.
The overall machine tool orders have been recovering after hitting a bottom in May, helped by the pickup of orders from China. Orders are “showing a clearer trend” of overseas demand-backed recovery, said Koichi Fujishiro, an economist at Dai-ichi Life Research Institute Inc.
[Copyright The Jiji Press, Ltd.]