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Japan’s core machinery orders rose for the first time in three months in June, largely led by rise in orders of transport equipments. Also, orders rose more than expected during the month, a sign that companies are gradually adopting to increase capital expenditure.
Japan’s core private-sector machinery orders rose seasonally adjusted 8.3 percent in June from May, rebounding from two straight month of decline, data released by the Cabinet Office showed Wednesday, well above market median expectation of a 3.1 percent rise in June.
Also, the orders widely viewed as a leading indicator of future capital spending totaled JPY849.8 billion (USD8.4 billion), data showed. The gain was stronger than the average market forecast of a roughly 3.5 percent increase.
Moreover, manufacturers' orders rose 17.7 percent, while orders from the services sector rose 2.1 percent, the data showed. Manufacturers surveyed by the Cabinet Office forecast that core orders will rise 5.2 percent in July-September, which compares with a 9.2 percent decrease in April-June.
Total orders, also including those from the domestic public sector and abroad, surged 10.1 percent to JPY2.21 trillion. Overseas demand for Japanese machinery, an indicator of future exports, gained 10.8 percent to JPY820.5 billion.
However, business spending has slowed since the start of 2016 as concerns have increased about Chinese growth and weaker commodity markets. Also, concerns intensified after the United Kingdom decided in June to leave the European Union, creating fresh uncertainty about the European economy.
Meanwhile, Prime Minister Shinzo Abe's cabinet last week approved an economic stimulus package with 13.5 trillion yen in fiscal measures as a precaution in case Britain's exit from the European Union undermines global economic conditions.
