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Free AccessREPEAT:MNI 5 THINGS: Japan Apr Machine Orders Jump, 10-Yr High
Repeats Story Initially Transmitted at 05:34 GMT Jun 11/01:34 EST Jun 11
--Japan Apr Core Machine Orders +10.1% M/M; MNI Median +2.5%
--Japan Apr Core Machine Orders Post 1st M/M Rise in 2 Months
--Japan Apr Core Orders at Y943.1 Bln Highest Since June 2008
--Japan Govt Upgrades View: Machine Orders Picking Up
TOKYO (MNI) - Japan's core machinery orders, which exclude volatile orders
for power generation equipment and ships, surged 10.1% on month to a nearly
10-year high, indicating capital investment remains solid, data from the Cabinet
Office released Monday showed.
The high level of orders as well as a rebound in orders from both the
manufacturing and non-manufacturing sectors prompted the government to upgrade
its assessment of machinery orders for the first time in eight months.
The key points from the latest machinery orders data:
* April's core order increase was the first in two months after -3.9% in
March and higher than the MNI survey median economist forecast for a +2.5% rise
(forecast range: from -1.5% to +6.1%). It was partly supported by a large
one-off order.
* April core orders totaling Y943.1 billion were the largest since June
2008.
* The three-month moving average of core orders also indicates capital
investment is firm. The moving average rose 0.5% in April from the previous
three-month period, the first rise in three months.
* Orders from the manufacturing sector jumped 22.7% in April for the first
rise in two months, rebounding sharply from -17.5% in March, while those from
the non-manufacturing sector edged up 0.4% on month for the fourth straight rise
after +2.2% in March.
* The Cabinet Office upgraded its assessment, saying, "Machinery orders are
picking up," compared to the previous statement that they were "showing signs of
a pickup." It was the first upward revision since August 2017. The expression
"picking up" was last used in June 2015.
--MNI Tokyo Bureau; tel: +81 90-4670-5309; email: max.sato@marketnews.com
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.