Japan’s June machinery orders rise 2.1% m/m, more than expected

JAPAN’S core machinery orders rose more than expected in June compared to month ago, government data showed on Monday, even though they unexpectedly fell on a year-on-year basis.

Core orders, a highly volatile data series regarded as a leading indicator of capital spending in the six to nine months ahead, rose in June by 2.1 per cent from the previous month, Cabinet Office data showed.

That compared with a 1.1 per cent rise expected by economists in a Reuters poll.

However, on a year-on-year basis, core orders, which exclude volatile numbers from shipping and electric utilities, dropped 1.7 per cent, versus a forecast for a 1.8 per cent growth, the Cabinet Office data showed. REUTERS