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Commenting on the August's machinery orders data released from Japan on Friday, BNP Paribas said that Japanese manufacturers continued to remain cautious despite the upturn in industrial activity, and that a clear recovery is still not in sight for the manufacturing sector.
The Cabinet Office announced earlier in the day that core machinery orders had increased 0.5% sequentially in August, rebounding from last month's 9.3% plunge.
French firm BNP Paribas said that although machinery orders have shown signs of revival in the past few months, the subsequent trend has been one of sideways growth. The reason for this is that manufacturers still retain a cautious attitude with regards to investment, despite industrial production rising at a better-than-expected rate. With much of the recovery in industrial activity being driven by temporary factors such as the inventory cycle and the various fiscal measures currently in effect at home and abroad, manufacturers are more concerned about trimming down excess capacity rather than undertaking new investment, the firm said.
The outlook seems no more merrier for the non-manufacturing sector. Although orders by non-manufacturers are stabilizing, demand is still poor and a recovery seems far-off. The firm commented that with manufacturers continuing to cut down staff levels and wages, it is unlikely that non-manufacturers will be actively undertaking investment any time soon.
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