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Rebounds Despite Headwinds


(U1) Fades Off 2021 Highs

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  • Japan's core machinery orders, excluding those for power generation equipment and ships, rose for the second time in four months by 0.6% m/m in April, slowing down from the previous 3.7% gain.
  • Orders from non-manufacturing sectors dropped 11.0% m/m, much lower than the 9.5% m/m growth reported last month.
  • Orders from manufacturing sectors, on the other hand, surged 10.9% m/m, growing quickly from the 0.1% m/m gain in March.
  • The outlook for the April-June period is for a rise of 2.5%, compared with the 5.3% decrease over the previous quarter.