Japan: Core machinery orders deteriorate in April
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—declined 2.9% month-on-month in seasonally adjusted terms in April (March: +2.9% mom).
On an annual basis, machinery orders rose at a more moderate pace of 0.7% in April (March: +2.7% yoy). Meanwhile, the trend improved, with the annual average variation of machinery orders coming in at minus 4.1%, up from March’s minus 4.6% reading.