Latest data released by the Japanese Machine Tool Builders' Association
- Prior -33.4%
The report has been released slightly earlier than expected. The reading measures the change in total value of new orders placed with Japanese machine tool manufacturers.
On the month, total factory orders fell slightly as a gain in foreign orders helped to offset losses seen in domestic orders. But relative to a year ago, the drop in overall orders aren't as bad as it was in the month of April.
Nonetheless, it's still a poor reading if you look at how factory activity has slumped relative to how it was back in 2018. Hence, this won't help give added confidence to investors that Japanese economic conditions are turning the corner this year.