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JPY: Core orders up after declining in November – Nomura

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Research Team at Nomura, notes that the Japanese core machinery orders in Oct-Dec rise after contracting the previous quarter

    Key Quotes

    “In December 2015, core machinery orders (private sector, excluding orders for ships and from electric power companies) rose 4.2% m-m, close to the consensus forecast (Bloomberg survey median) of +4.4%, after declining the previous month. According to the Cabinet Office, December core machinery orders included two major projects (compared with one in November), and we think the growth in December may have been influenced by those orders.

    In Oct-Dec, orders rose 4.3% q-q, turning up after contracting 10.0% q-q the previous quarter. Core machinery orders from the manufacturing sector declined 3.4% m-m in December and rose 0.5% q-q for Oct-Dec; December marked the second straight monthly decline, suggesting weakness in orders from the sector. Weak orders from the general machinery and electrical machinery sectors in Oct-Dec may well have reflected concerns over global economic slowing.

    In contrast, core machinery orders from the nonmanufacturing sector rose a substantial 8.5% m-m in December and rose 6.9% q-q in Oct-Dec. The transportation and postal activities sector in particular gave a boost to overall orders in Oct-Dec, and saw striking growth even excluding large ship-related orders that are not included in core machinery orders."
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