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Japan's core machinery orders slump further in October

Japan's core machine orders unexpectedly declined for the fourth consecutive month in October, data from the Cabinet Office showed.

Private-sector machinery orders, excluding volatile ones, declined 6.0% on a monthly basis, following a drop of 2.9% in September. The consensus estimate of economists polled by Econoday was for a 0.9% increase.

On an annual basis, core machinery orders fell 6.1%, after growing 5.1% in September.

Total private-sector orders, including volatile orders, such as those from ships and electric power companies, rebounded with a 1.8% month-over-month increase in October, following a 20.8% fall in September.

Year over year, total private-sector orders decreased by 5.6% in October, compared with a 3.5% growth in September.