The total value of core machine orders in Japan dropped 3.9 percent on month in March, the Cabinet Office said on Thursday - coming in at 856.6 billion yen.
That missed expectations for a decline of 3.0 percent following the 2.1 percent increase in February.
On a yearly basis, core machine orders fell 2.4 percent - again missing forecasts for a gain of 0.3 percent after climbing 2.4 percent in the previous month.
Manufacturing orders were down 17.5 percent on month and up 1.5 percent on year, while non-manufacturing orders were up 2.2 percent on month and down 4.9 percent on year.
Government orders were down 5.2 percent on month and 4.6 percent on year, while orders from overseas dropped 7.2 percent on month and added 5.7 percent on year and orders through agencies jumped 9.3 percent on month and 3.8 percent on year.
The total value of machinery orders received by 280 manufacturers operating in Japan dropped 7.9 percent on month and 1.0 percent on year.
For the first quarter of 2018, core machine orders were up 3.3 percent on quarter and 0.2 percent on year.
For the second quarter, core machine orders are projected to surge 7.1 percent on quarter and 7.9 percent on year.
by P2PNews Staff Writer