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Economy in Brief

Japan’s Core Machinery Orders Rebound
by Robert Brusca September 11, 2007

Japan sticks with the notion that it is still growing and that orders are generally expanding, but moving more or less sideways. Recent Japan macro data have been touch-and-go. In contrast the July core machinery orders reading is fairly strong. The rebound dominates the decline posted in June. Still, Japan’s officials view this as a sideways movement. Orders -- even core orders -- that remove large contracts from ship building and electric power are still quite lumpy. The Yr/Yr growth of orders tends to dampen the impact of the lumps; it shows growth at a firm 8.4%. Orders related to domestic demand are growing at a pace of 5%. Foreign orders are still the source of strength, up by 12.6% Yr/Yr.

Japan Machinery Orders
  M/M % SAAR %
SA Jul-07 Jun-07 May-07 3-Mos 6-Mos 12-Mos
Total -0.6% -6.5% 5.8% -6.5% -2.5% 7.9%
Core Orders* 17.0% -10.4% 5.9% 51.9% 6.1% 8.4%
Total Orders
  Foreign Demand -10.8% -5.9% 5.5% -38.5% -6.6% 12.6%
  Domestic Demand 6.7% -6.5% 5.9% 24.9% -2.8% 5.0%
* Excluding ships and electric power    
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