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Japanese machine orders contract in July

Japan's private-sector machinery orders, excluding volatile ones, fell 6.6% month over month in July, following an unexpected rise of 13.9% in June, data from the country's Cabinet Office showed.

The consensus estimate of economists polled by Econoday was for a monthly decline of 9.9%.

Including volatile orders, such as those from ships and electric power companies, machinery orders fell 6.5% month over month in July to ¥1.085 trillion, after climbing 15.6% in June.

On an annual basis, private-sector machinery orders, excluding volatile ones, climbed 0.3% in July, after increasing by 12.5% in June.

Meanwhile, Japan's producer prices fell again with a 0.9% year-over-year drop in August, following a 0.6% decline in July, preliminary data from the Bank of Japan showed.

The consensus estimate of economists polled by Econoday was for a yearly decline of 0.8%.

Prices of petroleum and coal products dropped 9.9% annually in August, while electric power, gas and water prices climbed 2.4%. Textile product prices rose 1.2%, while prices of scrap and waste dropped 21.7%.

In yen terms, export prices fell 5.7% year over year in August, following a revised 4.9% drop in the previous month, while import prices decreased by 8.3%, after a similar revised fall in July.

On a monthly basis, Japan's producer prices fell 0.3% in August after stalling in July, compared with the Econoday consensus estimate of a 0.2% drop.

As of Sept. 11, 2019, US$1 was equivalent to ¥107.73.