Japan's machinery orders in May fell by a new high since August 2008

On July 8, according to the statistics of Japanese machinery orders released by the Cabinet Office of Japan in May, the amount of machinery orders (seasonally adjusted), which is the leading indicator of private equipment investment, was adjusted to 692.9 billion. The yen, which fell by 9.1% compared with April, fell for the first time in three months, and the decline was the highest since August 2008.

According to Reuters, the decline in machinery orders from manufacturing was particularly noticeable in the context of the slowdown in Japan’s export growth and the gradual weakening of the government’s economic stimulus policies. Qi Jie, the government official of the Cabinet Office of Japan, pointed out that "although the possibility of a second bottoming out of the Japanese economy is small, the rate of economic recovery may be slower than expected."

For the expectations of Japanese machinery orders in the second quarter of 2010, the Japanese Cabinet Office had previously expected a 1.6% increase from the previous month. However, due to the large decline in machinery orders in May, if the 1.6% increase in the second quarter is to be achieved, the increase in June must reach 5.5%. In this regard, Tsumura said that "the increase target in the second quarter may be difficult to achieve. If it is not realized, this will enhance the uncertainty of the Japanese economic outlook."

The decline in Japanese machinery orders in May was mainly due to the decrease in manufacturing orders. According to statistics, machinery orders from the manufacturing sector fell by 13.5% from April, the largest decline since July 2009. Among them, the orders for electrical machinery and communication machinery dropped significantly, and the orders for machinery in the basic materials industry also grew weak. In addition, machinery orders from non-manufacturing industries fell by 6.0% month-on-month, and fell again after three months; government demand fell by 26.8%.

In terms of industry, orders from seven industries, including autos (up 3.7%) and steel (up 7.9%), increased in 17 industries. 10 industries such as electrical machinery (down 30.0%) and petroleum and coal products (down 81.1%) declined; machinery orders in 5 industries including non-manufacturing 12 industries (25.3% growth) increased, real estate (decline) 46.0%) and other 7 industries fell.

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