Japan's December core machinery orders fell 1.7% year-on-year

by:Gewinn     2022-05-15
Japan's core machinery orders fell 1.7% in December on a seasonally adjusted basis from the previous month, the government announced on Monday, suggesting a further drop in investment could lead to a deeper recession. According to reports, this is the third consecutive month that the data has fallen, and machinery orders are seen as a reliable indicator of future capital investment. Data showed that in the three months to December last year, core machinery orders fell by 16.7% from the previous quarter. The drop was the largest since the Cabinet Office adopted the current data format in April 1987 and marked the second consecutive quarterly decline in core machinery orders. According to the above data, core machinery orders, which are not seasonally adjusted, fell 26.8% in December from a year earlier. In addition, Japan's Ministry of Finance announced on Monday that Japan's current account surplus in December fell 92.1% from a year earlier, the tenth consecutive monthly decline. The data showed that Japan's current account surplus was 125.4 billion yen in December, not adjusted for seasonal factors. The above figures were weaker than expected. Economists polled by Dow Jones Newswires and the Nikkei Business News had expected Japan's current-account surplus to fall 79% in December.
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