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Japanese construction takes a dive

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The value of construction orders in Japan has fallen for the first time this financial year

Official figures showed that 3.9 trillion Yen was spent on construction in August 2012.

This is down from 4.1trillion Yen in the previous month, representing the first time orders have dropped since April.

A six per cent drop in private sector construction spending was behind the dip.

The government continued to increase its investment in construction but this had a limited impact as its output is dwarfed by that of the private sector.

The Royal Institution of Chartered Surveyors has previously warned of an end to the construction boom in Japan in early 2013.

But it said the government would continue to invest in the sector in the short term.

RICS economist Andy Wu said: ‘The construction sector is likely to continue to be underpinned by higher activity in the public non-residential segment and an acceleration of public civil engineering projects in the near term.’

Overall construction orders remained well up on the same period last year.

Parts of Japan require major rebuilding following the devastating earthquake and tsunami of March 2011.

 

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