Japan’s housing starts declined for the first time in eight months in October, defying economists’ expectations for an another increase, data from the Ministry of Land, Infrastructure, Transport and Tourism showed Monday.
Housing starts fell 2.5 percent year-over-year in October, reversing a 2.6 percent climb in the previous month. Economists had expected the same 2.6 percent rise for the month.
The number of annualized housing starts dropped to 862,000 in October from 900,000 in September. Meanwhile, it was expected to increase to 905,000.
Construction orders received by 50 big contractors plunged 25.2 percent annually in October, following a 2.5 percent fall in the preceding month.
The material has been provided by InstaForex Company – www.instaforex.com