Japan Core Machinery Orders +9.7% On Month In June

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Core machinery orders in Japan surged 9.7 percent in June compared to the previous month, the Cabinet Office said on Monday, easily beating forecasts for a 2.6 percent monthly gain after the 3 percent decline in May.

On an annual basis, core machinery orders fell 29.7 percent, again beating expectations for a 34.4 percent contraction after the 38.3 percent fall in the previous month.

For the second quarter of 2009, core machinery orders were down 4.9 percent compared to the previous three months. That follows the 9.9 percent quarterly decline in Q1.

Japanese companies now forecast an 8.6 percent decline in core machinery orders for the third quarter.

(Market News Provided by RTTNews)