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 Verfasst am: 14. Sep 2022 10:22 Titel: Japan's machinery orders post surprise gains in July |
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Japan's machinery orders post surprise gains in July
Japan's core machinery orders extended gains in July, raising hopes business growth spending may offset near-term headwinds from a global economic slowdown and a weaker yen, which has pushed up costs at home.
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The surprise increase in core orders - a barometer of capital expenditure - could provide temporary relief for policymakers hoping for corporate investment to spur a domestic-led recovery in the world's third-largest economy.
The Reuters Tankan survey, however, separately showed that the business confidence of Japanese manufacturers retreated from a seven-month high in September, as the corporate sector faced persistent pressure from high raw material costs.
Core orders, a highly volatile data series regarded as a guide to capital spending in the coming six to nine months, grew 5.3 per cent in July from the previous month, Cabinet Office data showed.
The advance, which was boosted by a number of medium-sized orders for railway cars, was stronger than a 0.8 per cent contraction forecast by economists in a Reuters poll and followed a 0.9 per cent increase in the previous month.
The result "points to strong non-residential investment growth this quarter, chiming with solid capital shipments growth in July and record corporate profit margins in the second quarter," said Darren Tay, Japan economist at Capital Economics.
By sector, orders from manufacturers dropped 5.4 per cent month-on-month, weighed down by declining orders in the electrical machinery and the automobile and parts sub-sectors. |
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