Japanese machinery orders down in December

Added: (Fri Feb 08 2008)

Pressbox (Press Release) - Japan’s core machinery orders dipped for the first time in five years during 2007, prompting fears that concerns in the US are impacting on the Japanese economy.

Government figures show that the private sector’s machinery orders dropped by four cent over the course of the year, with the most marked decline noted in December when orders dropped 3.2 per cent

The December drop was worse than had been anticipated, with analysts having predicted a fall of around 0.8 per cent, following a decline of 2.8 per cent in November.

Sectors where the drop in orders was particularly steep included ceramics and clay, metal products, iron and steel and chemicals, according to the Japanese Cabinet Office.

However, in spite of the findings, the economy and fiscal policy minister Hiroko Ota remained bullish that a rebound would be evident during January and March - and said that there was "no need to be so pessimistic".

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