Japanese machine tool orders fell in August
Japanese machine tool orders In Japan, the final machine tool orders dropped 8.40% in August, on a YoY basis. In the previous month, machine tool orders had dropped 19.70%. The preliminary figures had also recorded a fall of 8.40%.
For the first time in four months, the figure ran below the benchmark of 100 billion yen.
Domestic orders shrank 9.7% on the year to 43.1 billion yen, as tail winds from investment subsidies for small to midsize businesses diminished.
The impact of subsidies is shrinking, and domestic demand is stagnating,” said machine tool maker OKK. Another manufacturer, Okuma, noted: “Beginning in July, customers became more careful about capital investments.”
Exports dropped 7.3% to 54.97 billion yen. Demand from US automakers and Asia’s information technology sector declined, according to Makino Milling Machine.
The machine tool association adjusted its 2016 order projection downward by 16% to 1.3 trillion yen. Monthly orders from August of 112.9 billion yen would have been needed to achieve the initial projection. August typically records lower orders than other months, since it has many holidays. That being said, the outlook for the industry remains uncertain.
“Besides exhibitions in the fall, there aren’t many factors in Japan to give the industry a boost. Demand in the U.S. may also drop,” said DMG Mori President Masahiko Mori, echoing the dreary forecast.
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