Data released by Japan's Ministry of Land, Infrastructure, Transport, and Tourism indicate that the country's housing starts have fallen for the eighth consecutive month in January, though at a marginally less rapid pace than predicted. The decline in housing starts in January stood at 7.5 percent year-on-year, following a 4.0 percent fall in December. This decline is slightly under economists' expectations of a 7.7 percent decrease.
The data angle reveals that the categories of new construction that saw a contraction were those houses that were owned and intended for sale. The seasonally adjusted annualized figure of housing starts decreased marginally, from 814,000 in December to 802,000 in January.
Furthermore, the data disclosed that the large-scale construction orders received by the top 50 contractors in January rose by 9.4 percent year-on-year, a substantial increase compared to the 0.4 percent increase reported in the month prior.
