Japan Machine Tool Orders Surge 24.2%

(RTTNews) - Japan's machine tool orders continued to increase sharply in February amid both strong domestic and foreign demand, preliminary data from the Japan Machine Tool Builders Association, or JMTBA, showed on Tuesday.

Machine tool orders climbed 24.2 percent year-on-year in February, following a 25.3 percent growth in the previous month. Moreover, this was the eighth successive monthly rise.

Domestic orders grew 10.2 percent from last year, and foreign demand was 29.8 percent higher.

On a monthly basis, machine tool orders increased 0.8 percent, reversing an 8.2 percent marked decline in January. The rebound was driven by a 14.0 percent upturn in domestic orders.