Japan Machine Tool Orders Surge 9.3%

(RTTNews) - Japan's machine tool orders grew sharply in October amid strong foreign demand, preliminary data from the Japan Machine Tool Builders Association, or JMTBA, showed on Tuesday.

Machine tool orders climbed 9.3 percent year-on-year in October, reversing a 6.4 percent fall in the previous month. Further, this was the first rise in three months.

Foreign demand was 13.6 percent higher in October compared to last year, while domestic orders contracted by 1.0 percent.

On a monthly basis, machine tool orders dropped 2.3 percent in October, in contrast to a 13.2 percent plunge in the prior month.