Japan's machinery orders fall 3.7% in January

12:50, March 10, 2010      

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Japan's private sector machinery orders decreased a seasonally adjusted 3.7 percent in January from a month earlier to 723.8 billion yen (8.05 billion U.S. dollars), according to a report released by the Cabinet Office on Wednesday.

The total value of machinery orders received by 280 manufacturers operating in Japan fell by 3.7 percent in January from the previous month on a seasonally adjusted basis.

In the manufacturing sector, orders increased by 3.3 percent for the month, while the nonmanufacturing sector saw a decrease of 12.9 percent in demand.

Orders from overseas also fell in January by 8.8 percent, while there was a 20.8 percent rise in the number of orders from governments in January.

The Cabinet Office forecast orders will rise 3.5 percent in the three months ending March 31, in a further sign that the nation's tentative economic recovery may be gaining strength.

Japan has seen decent economic results in recent months, largely due to stimulus measures put in place by the government and Bank of Japan, but earlier in the week data showed bank loans, an indicator of how much businesses are investing, decreased by 1. 5 percent compared to the previous year in January.

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