Source : Business Times - 30 Jun 2008
Housing starts in Japan, hit hard by a regulatory change last year, fell 6.5 per cent in May from a year earlier, lower than a median market forecast for a 3.8 per cent drop, government data showed on Monday.
It was the 11th straight month of falls.
Orders received by major Japanese construction companies fell 25.2 per cent in May from a year earlier to 782.9 billion yen (US$7.37 billion).
Japan’s housing starts fell sharply in the second half of last year following the start of tighter building rules last June, hitting economic growth during the last two quarters.
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