Japan Machine Tool Orders Rise 8.4%

(RTTNews) - Japan's machine tool orders increased for the third straight month in July 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 8.4 percent year-on-year in July, slower than the 9.7 percent gain in the previous month.

Foreign demand was 17.9 percent higher in July compared to last year, while domestic orders contracted by 9.6 percent.

On a monthly basis, machine tool orders fell 7.4 percent in July, reversing a 7.5 percent increase in the prior month.