Japan Machine Tool Orders Up 2.4% From Previous Year

By Benjamin Spier,

Takeaway: Major manufacturers’ machine tool orders up 2.4% for March -> Numbers suggest a positive economic outlook -> USD/JPY continues to fall following BOJ ’s earlier decision to leave policy on hold

Japanese machine tool orders for March rose 2.4% from a year earlier. The results, put together by the Japan Machine Builders’ Association, beat February’s 8.6% decline in machine tool orders when compared to the previous year.

The report tracks the amount of machine tool orders placed by major manufacturers and is a good indicator of future economic outlook and business confidence.

USD/JPY fell six points following the release, but the drop could be attributed to the earlier fifty point fall following the Bank of Japan’s decision leave its interest rate and easing policy on hold.
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Original Article: http://www.dailyfx.com/forex/market_alert/2012/04/10/Japan_Machine_Tool_Orders_Up_2.4_From_Previous_Year.html

DailyFX is the forex news and research arm of FXCM (NYSE: FXCM), which provides currency trading and brokerage services and is an advertiser on TheStreet websites. Any opinions, news, research, analyses, prices, or other information is provided as general market commentary, and does not constitute investment advice. Dailyfx will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Currency trading involves significant risk of loss. Individual authors may hold positions in the currencies discussed in the article.