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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan's machinery orders in record losing streak AFP - Thursday, March 12 TOKYO (AFP) - - Japan's machinery orders fell for a fourth straight month, the longest unbroken decline on record, as the global economic downturn sent exports plunging, data showed Wednesday. ADVERTISEMENT The government said there was no sign yet of a recovery in the orders, a closely watched gauge of corporate spending on factories and equipment, after a 3.2 percent drop in January from the previous month. "Honestly, this month's result is so bad," a government official told reporters. "We couldn't find any positive factors anywhere." Orders from the car industry fell 36.2 percent while overseas orders plunged 49 percent -- both unprecedented drops. "We believe capital expenditure will continuously decrease this year," said RBS Securities economist Junko Nishioka. Investors managed to look beyond the latest raft of poor data. The Nikkei stock index soared 4.55 percent, rebounding from a more than 26-year low after a powerful rally on Wall Street. Japan's corporate sector was a key driver of a recovery in Asia's largest economy following the 1990s recessions, as companies enjoyed strong profits and invested heavily to expand their production facilities. But the global downturn has caused demand for Japanese goods to dry up, prompting companies such as Toyota and Sony to shed thousands of jobs. Japan's exports almost halved in January from a year earlier as factory output plummeted 10 percent month-on-month. "Turmoil in the global financial markets in September-October last year paralysed trade finance globally, which depressed production (and) orders at epic proportions," Morgan Stanley economist Takehiro Sato wrote in a note. Fears of a return to deflation mounted as the central bank announced that wholesale prices fell 1.1 percent in February from a year earlier, the sharpest fall in almost six years. Japan was plagued by a deflationary spiral for years after its asset price bubble burst in the early 1990s, deterring consumers from spending and reducing corporate profits. After soaring last year on the back of higher oil and material costs, inflation has since evaporated as energy prices cooled, but analysts say Japan should avoid another full-blown deflationary spiral. "I'm sure deflation will reappear but I don't think it will be a problem," said Graham Davis, director of the Economist Intelligence Unit in Tokyo, who does not expect falling prices to lead to much weaker consumption. Japan's export-led economy has been battered by a worldwide drop in demand for the cars, high-tech goods and machinery for which it is famous, putting it on course for its deepest recession since World War II. The economy contracted 12.7 percent on an annualised basis in the final quarter of 2008, the worst performance in almost 35 years, the government said last month. There are concerns that the figure might be revised on Thursday to show an even bigger decline. -- Dow Jones Newswires contributed to this story -- Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China to file WTO complaint on US poultry banAP - Thursday, March 12 FOREX-Dollar rebounds on China exports slumpReuters - Thursday, March 12 Japan's machinery orders in record losing streakAFP - Thursday, March 12 Samsung to recruit 5,500 graduates amid crisisAFP - Thursday, March 12 Related Articles: Business China's exports plunge again in FebruaryAP - Wednesday, March 11 Indonesia's vice pres Kalla more upbeat on growthReuters - Wednesday, March 11 RESEARCH ALERT-Goldman Sachs, Deutsche lift TSMC target priceReuters - Wednesday, March 11 Vietnam's Sacombank sees 2009 profit rising 47 pctReuters - Wednesday, March 11 JGB 10-yr yield hits 1-mth high, bond losses limitedReuters - Wednesday, March 11 Enlarge Photo Japan's machinery orders in record losing streak Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Chimp used planning skills to attack humans Madoff set to plead guilty, could face 150 yrs in jail World faces 'Great Recession': IMF chief Citi outlook sparks explosive Wall Street rally Sea levels to surge 'at least a metre' by century end View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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