Japan: Core machinery orders rebound in January
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 January after slumping in December.
Specifically, orders rose 2.9% in January versus the previous month in seasonally-adjusted terms, contrasting market analysts’ expectations of a 1.6% decrease and the revised 11.9% fall in December (previously reported: -12.5% month-on-month).
In year-on-year terms, orders fell 0.3% in January after falling 3.5% in December. The annual average variation in orders was negative 0.6% in January, marginally less than the negative 0.7% reading in December.