Japan Machine Tool Orders Plunge 14.1%

(RTTNews) - Japan's machine tool orders declined for the thirteenth straight month in January, largely due to weak domestic demand, preliminary data from the Japan Machine Tool Builders Association, or JMTBA, showed Tuesday.

Machine tool orders fell 14.1 percent year-on-year in January, which was faster than the 9.6 percent decline in the previous month.

Domestic demand was 29.7 percent lower in January compared to last year, and foreign orders contracted by 6.2 percent.

On a monthly basis, machine tool orders fell 12.8 percent in January, reversing a 9.7 percent growth in December.