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According to the May data, the Cabinet Office lowered its basic assessment of its core machinery orders from its previous "slowdown" to "stagnation." This is the first time the Cabinet Office revised its basic assessment of core machinery orders after a lapse of eight months.
May core machinery orders far below expectations, mainly due to non-manufacturing drag. Data show that non-manufacturing machinery orders for the month 447.3 billion yen, a decline of 5.1%, a 3 consecutive months of decline. Among them, the communications industry, construction and transportation and postal industry fell more than 20%.CNC Milling Brass Electroplate Product Manufacturer
Manufacturing machinery orders for the month amounted to 365.6 billion yen, an increase of 1.0%. Among them, power generation equipment, ship engines and refrigeration equipment orders increased significantly. In addition, the total amount of machinery orders, including the demand of government and public institutions as well as external demand, reached 2.22 trillion yen in the month, a decrease of 3.1% sequentially.
Core machinery orders reflect Japan's future capital expenditures as a leading indicator of business investment, and corporate investment by the Japanese government as the key engine to boost the economy.