The Japan Machine Tool Builders Association (JMTBA) released preliminary data on Tuesday showing a decline in the nation's machine tool orders for the thirteenth consecutive month. The slump in January is mainly attributed to the weak domestic demand.
In comparison to the previous year, machine tool orders dropped by 14.1% in January, which is a notable increase from the shrinkage of 9.6% noted in December.
A significant slump of 29.7% was observed in domestic demand, compared to the same period last year. Additionally, foreign orders have also diminished, contracting by 6.2%.
The downward trend persists when comparing monthly figures as well, with machine tool orders decreasing 12.8% in January, a reversal from the 9.7% growth recorded in December.
