Japan's major machinery orders for October 2024 have bounced back after slow movement in recent months (see notes below).
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Japan's major machinery orders, a key indicator of capital spending, have shown a downward trend in recent months:
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July 2024: Orders unexpectedly fell 0.1% month-on-month, against economists' expectations of a 0.5% increase. On a year-over-year basis, orders grew 8.7%, exceeding the expected 4.2% growth.
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August 2024: Orders fell 1.9% month-on-month, marking the second consecutive monthly decline and exceeding the 0.1% drop expected. Year on year, orders fell 3.4%, against expected growth of 3.6%.
The move down reflected cautious corporate sentiment amid global economic uncertainty, particularly concerns about China's economic slowdown and continued cost pressures and how this will affect Japan.
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