Japanese machinery orders rise sharply
Japanese orders for machinery rose unexpectedly by 10 per cent in August, a surprise jump compared to the 4 per cent drop previously predicted by economists.
The rise to £6.5 billion marks the third month of growth in the sector and is a positive indicator for future business investment.
However, with overseas demand seeing its first decline in four months, by 3.7 per cent, cabinet office parliamentary secretary Takashi Wada commented: "It's too early to characterise the overall development as a positive cycle. But private demand is showing unexpectedly stronger resilience."
The Japanese economy is suffering under the effects of a strong yen, at a 15-year high against the dollar, making exports expensive and reducing the foreign earnings of Japanese companies.
