Japan machine tool orders hit record high for 1st time in decade
Jiji -- Apr 25
Orders for Japanese machine tools hit a record high for the first time in a decade in fiscal 2017, backed by strong demand from smartphone makers and others in China, industry data showed Tuesday.

Total orders jumped 38.1 pct from the previous year to 1,780.3 billion yen, surpassing the previous peak of 1,593.9 billion yen set in fiscal 2007, before the 2008 global financial crisis, according to the Japan Machine Tool Builders' Association.

Orders from abroad soared 44.2 pct to 1,092.3 billion yen, the first rise in three years, reflecting higher demand in Europe and the United States, as well as China.

Domestic orders rose 29.4 pct to 687.9 billion yen, led by those from semiconductor manufacturers and automotive-related companies.

"The current boom is expected to continue as companies are willing to invest in factory equipment," Yukio Iimura, chairman of the association and also of Toshiba Machine Co. <6104>, told a press conference.

News source: Jiji
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