Japan Machine Tool Orders Rise 4.2%

(RTTNews) - Japan's machine tool orders increased for the first time in seventeen months in May on the back of a surge in foreign demand, preliminary data from the Japan Machine Tool Builders Association, or JMTBA, showed on Tuesday.

Machine tool orders climbed 4.2 percent year-on-year in May, reversing an 8.9 percent decline in the previous month.

Foreign demand was 9.8 percent higher in May compared to last year, while domestic orders contracted by 7.9 percent.

On a monthly basis, machine tool orders rose 3.0 percent in May, reversing a 10.9 percent decline in the prior month.