Date : Dec 10, 2008
Japan’s November machine tool orders tumble by record 62%
Tokyo (ANTARA News/Asia Pulse) - Machine tool orders for November fell 62.2 per cent on the year to 51.62 billion yen (US$560.5 million), the sharpest drop since tracking of such data began in 1963, according to preliminary data released Tuesday y the Japan Machine Tool Builders’ Association.
Orders started to decline from year-earlier figures in June when they slipped 2.5 per cent. Demand has been falling off faster in recent months, skidding 20.1 per cent in September and 40 per cent in October.
The decline is attributed to Japanese, U.S. and European automakers cutting production or suspending operations at factories, in addition to electronics manufacturers curbing capital investments, mainly for semiconductors.
Source: Business in Asia Today
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