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MNI (Beijing)
By Hiroshi Inoue
     TOKYO (MNI) - Officials at the Bank of Japan are more focused on the
quarterly movement of economic data to examine the underlying trend and not
overly concerned with September's record drop of machinery orders, MNI
     BOJ Officials are looking into how orders as well as exports and production
may rebound in or after October. While September's machinery orders plunged
18.3%, it was an expected outlier resulted from unusual natural disasters in
     BOJ officials as well as private economists expected major economic
component, such as exports, production and machinery orders, to have temporary
have fallen in the third quarter due to storms and an earthquake.
     BOJ officials maintain the view that the virtuous cycle from profits to
spending continue working as no particular postponement of planned investment
have been observed.
     The 18.3% monthly decline in core machinery orders, excluding volatile
orders for power generation equipment and ships, followed +6.8% in August and
+11.0% in July, data released by the Cabinet Office Thursday showed. The drop
was observed in both manufacturers and non-manufacturers.
     Machinery orders for the third quarter as a whole still rose 0.9% following
+2.2% in the second quarter. The orders in the fourth quarter are expected to
rise 3.6%.
     The three-month moving average of core orders fell 0.9% in September
following +2.8% in August.
     The Cabinet Office largely kept its assessment from the previous month,
saying "orders show a sign of picking-up" after falling sharply in September.
     Orders from the manufacturing sector fell 17.3% on month in September after
+6.6% in August and +11.8% in July. Orders from the non-manufacturing sector
excluding those for power generation and ships also fell 17.1% on month,
following +6.0% in August and +10.9% in July.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email:
--MNI Beijing Bureau; +86 10 8532 5998; email:

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