Japans main machinery orders fell by 3.7 percent on a monthly basis in May
2018-07-11 07:48 am | Resource: NEWS | No Views : 86
The headline figure exceeded expectations for a 4.9 percent drop after a 10.1 percent rise in April.
Year-on-year, mechanical orders rose 16.5 per cent - and again exceeded expectations by 10.9 per cent after the jump of 9.6 per cent the previous month.
The total value of machine orders received by 280 manufacturers in Japan increased by 3.2 percent on a monthly basis and 15.4 percent year-on-year in May at 2,587.5 billion yen.
Manufacturing orders rose 1.3 per cent on a monthly basis and 26.2 per cent year-on-year to 453.8 billion yen, while non-industrial orders rose 0.2 per cent on a monthly basis and 8.4 per cent year-on-year to 478.7 billion yen.
Government orders rose 6.1 per cent on a monthly basis and 36.4 per cent year-on-year to 274 billion yen, while overseas orders jumped 1.8 per cent on a monthly basis and 11.6 per cent year-on-year to 1,051.2 billion yen, Through the agencies by 5.5 per cent per month and 7.3 per cent year on year to 137.5 billion yen.
For the second quarter of 2018, core machinery orders are expected to rise 7.1 percent year-on-year and 7.9 percent year-on-year to 2806.8 billion yen.
Also on Wednesday, the Bank of Japan said Japan's producer prices rose 0.2% month-on-month in June, in line with expectations and fell from 0.6% in May.
Year on year, producer prices rose 2.8 percent - again matching estimates and rising from 2.7 percent the previous month.
Export prices rose 0.1 percent on a monthly basis and 3.5 percent year-on-year in June, the bank said, while import prices rose 1.8 percent per month and 10.5 percent year-on-year
Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term The USDJPY faced resistance and selling pressures around level of 114.08 to retreat below the lower boundary of the rising wedge pattern around the 113.68 level In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators Accordingly, we expect that the USD/JPY will target…
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