FX.co ★ Japan Feb. Core Machine Orders Climb 2.3%

Japan Feb. Core Machine Orders Climb 2.3%

Core machine orders in Japan rose a seasonally adjusted 2.3 percent on month in February, the Cabinet Office said on Wednesday - standing at 858.5 billion yen.

That exceeded expectations for a decline of 2.9 percent following the 2.9 percent increase in January.

On a yearly basis, core machine orders fell 2.4 percent - also beating expectations for a fall of 3.0 percent following the 0.3 percent drop in the previous month.

For the first quarter of 2020, core machine orders are forecast to have fallen 2.0 percent on quarter and 0.6 percent on year.

Government orders plummeted 39.1 percent on month and 3.6 percent on year, while orders from overseas added 2.7 percent on month and fell 10.2 percent on year and orders through agencies eased 2.7 percent on month and 1.7 percent on year.

The total value of machinery orders received by 280 manufacturers operating in Japan shed 6.9 percent on month in February.

Also on Wednesday, the Ministry of Finance said that Japan had a current account surplus of 3,168.8 billion yen in February - up 21.2 percent on year.

That beat forecasts for a surplus of 3,067.2 billion yen and was up from 612.3 billion yen in January.

The trade balance reflected a surplus of 1,366.6 billion, exceeding expectations for 1,215.0 billion yen following the 985.1 billion shortfall in the previous month.

Exports were up 0.4 percent on year to 6,332.2 billion yen, while imports tumbled an annual 14.6 percent to 4,965.6 billion yen.

The capital account had a deficit of 19.9 billion yen and the financial account saw a surplus of 2,603.6 billion yen.

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