Core machine orders in Japan slid a seasonally adjusted 0.4 percent on month in March, the Cabinet Office said on Wednesday – standing at 854.7 billion yen.
That beat expectations for a tumble 0.7.1 percent following the 2.3 percent increase in February.
On a yearly basis, core machine orders sank 0.7 percent – again beating forecasts for a all of 9.5 percent following the 2.3 percent drop in the previous month.
The total value of machinery orders received by 280 manufacturers operating in Japan increased by a seasonally adjusted 3.0 percent on month and 0.9 percent on year in March at 2,289.0 billion yen.
Manufacturing orders fell 8.2 percent on quarter and 3.2 percent on year, while non-manufacturing orders added 5.3 percent on quarter and 0.9 percent on year.
Government orders surged 17.1 percent on month and 66.5 percent on year, while orders from overseas fell 1.3 percent on month and 14.4 percent on year. Orders through agencies sank 3.3 percent on month and 5.8 percent on year.
For the first quarter of 2020, core machine orders slid 0.7 percent on quarter and 1.0 percent on year. Total machine orders gained 3.9 percent on quarter and fell 0.7 percent on year in Q1.
Manufacturing orders added 1.8 percent on quarter and lost 3.4 percent on year in Q1, while non-manufacturing orders fell 5.1 percent on quarter and rose 0.6 percent on year.
Government orders soared 25.5 percent on quarter and 45.0 percent on year, while orders from overseas gained 8.7 percent on quarter and lost 8.7 percent on year. Orders through agencies gained 3.6 percent on quarter and fell 4.1 percent on year.
Core machine orders are now predicted to fall 0.7 percent on quarter in Q2 and 10.4 percent on year.