Japan’s core machinery orders rise 3.8% in October
December 13, 2021
TOKYO (Jiji Press) — Japan’s core machinery orders rose 3.8% in October from the previous month after seasonal adjustment, the Cabinet Office said Monday, showing signs that capital spending by nonmanufacturers are bottoming out after sluggishness caused by the COVID-19 pandemic.
Private-sector orders excluding those for ships and power equipment, closely watched as a leading indicator of corporate capital spending, totaled ¥870.8 billion, marking their first growth in three months.
The Cabinet Office said that the pickup in machinery orders is at a standstill, keeping its assessment unchanged for the second straight month.
An agency official said: “A recovery is spreading among nonmanufacturers. Capital expenditures will pick up if the COVID-19 situation becomes calm.”
Nonmanufacturers’ orders increased 16.5% thanks to a large-scale rail car order and growing demand for computers and agriculture machinery.
Orders from manufactures dropped 15.4% after orders for chemical machinery grew in September.
Overall machinery orders, including those from the public sector and abroad, climbed 24.9% to ¥2,965.5 billion.
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