Japanese machine tool orders dropped by 2.8% in September on an annual basis, following a 3% decrease the previous month, according to data released today by the Japan Machine Tool Builders' Association. This is the fifth consecutive slide for the key-manufacturing gauge. Domestic orders slipped by 13.2%, down for the fourth month in a row while orders from overseas customers edged up by 1.8% to JPY 76.39 billion. The association blames moves by corporations to shift investment abroad, including factory construction. The strong yen is a major factor driving domestic manufacturers away from Japan.
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