Japan's core machinery orders fall for 2nd consecutive quarter

by IANS |

Tokyo, Nov 18 (IANS) Japan's core machinery orders fell a seasonally adjusted 1.3 per cent during the July-September period compared to the previous quarter, government data showed on Monday.

Excluding volatile shipbuilding and power-related orders, total machinery orders from domestic firms amounted to 2.585 trillion yen (about $16.7 billion) during the period, marking the second consecutive quarter of decline, Xinhua news agency reported, quoting the Cabinet Office.

By sector, manufacturing orders fell 7.2 per cent, with a decline in electrical machinery contributing significantly, while non-manufacturing sector orders rose 1.4 per cent, driven by increased demand for construction machinery.

Despite the decline, the Cabinet Office maintained its overall assessment, stating that while recovery trends continue, "momentum has stalled."