The value of core machine orders in Japan tumbled a seasonally adjusted 8.5 percent on month in February, the Cabinet Office said on Wednesday – coming in at 769.8 billion yen.
That badly missed expectations for an increase of 2.8 percent following the 4.5 percent decline in January.
On a yearly basis, core machine orders sank 7.1 percent – again missing forecasts for an increase of 2.3 percent following the 1.5 percent gain in the previous month.
Manufacturing orders were down 5.5 percent on month and 2.8 percent on year at 342.6 billion yen. Non-manufacturing orders sank 10.9 percent on month and 10.1 percent on year.
Government orders spiked 17.0 percent on month and 3.5 percent on year to 257.1 billion yen, while orders from overseas skyrocketed 76.2 percent on month and 115.9 percent on year to 1,806.1 billion yen.
Orders through agencies dropped 7.5 percent on month and 8.3 percent on year to 104.8 billion yen.
The total value of machinery orders received by 280 manufacturers operating in Japan increased by 26.4 percent on month in February to 3,031.2 billion yen.
For the first quarter of 2021, core machine orders are seen lower by 6.0 percent on quarter and 5.2 percent on year.