Core machine orders in Japan fell 3.7 percent on month in May, the Cabinet Office said on Wednesday – coming in at 907.9 billion yen.
The headline figure beat expectations for a decline of 4.9 percent following the 10.1 percent spike in April.
On a yearly basis, machine orders surged 16.5 percent – again topping forecasts for 10.9 percent following the 9.6 percent jump in the previous month.
The total value of machinery orders received by 280 manufacturers operating in Japan increased by 3.2 percent on month and 15.4 percent on year in May at 2,587.5 billion yen.
Manufacturing orders added 1.3 percent on month and 26.2 percent on year to 453.8 billion yen, while non-manufacturing orders added 0.2 percent on month and 8.4 percent on year to 478.7 billion yen.
Government orders gained 6.1 percent on month and 36.4 percent on year to 274.0 billion yen, while overseas orders jumped 1.8 percent on month and 11.6 percent on year to 1,051.2 billion yen and orders through agencies gained 5.5 percent on month and 7.3 percent on year to 137.5 billion yen.
For the second quarter of 2018, core machine orders are forecast to have risen 7.1 percent on quarter and 7.9 percent on year at 2,806.8 billion yen.
Also on Wednesday, the Bank of Japan said that producer prices in Japan were up 0.2 percent on month in June, in line with expectations and down from 0.6 percent in May.
On a yearly basis, producer prices advanced 2.8 percent – again matching estimates and up from 2.7 percent in the previous month.
Export prices were up 0.1 percent on month and 3.5 percent on year in June, the bank said, while import prices climbed 1.8 percent on month and 10.5 percent on year.