Japan: Core machinery orders remain robust in February
Core machinery orders—which cover the private sector, exclude volatile orders and are a leading indicator for capital spending over the coming three- to six-month period—rose in February for the second consecutive month and defied market analyst expectations of a decrease.
Specifically, orders rose 2.3% in February versus the previous month in seasonally-adjusted terms, following the 2.9% increase in January and contrasting expectations of a 2.7% decrease.
In year-on-year terms, orders fell 2.4% in February, following the 0.3% decrease in January. The annual average variation in orders was negative 0.3% in February, marginally less severe than the negative 0.6% reading in January.