Japan housing starts grow more than expected in September

Housing starts in Japan grew more than what was initially anticipated by market participants during the month of September.

Japan's housing starts grew more than expected in September, data released by Ministry of Land, Infrastructure, Transport and Tourism showed Monday.

Further, housing starts increased 10 percent year-on-year in September, faster than the 2.5 percent rise posted in August. This was the third consecutive rise and bigger than the expected 5.2 percent expansion.

Annualized housing starts totaled 984,000 versus 956,000 in the prior month. Economists had forecast housing starts to fall to 949,000 in September. Meanwhile, construction orders received by 50 big contractors expanded at a faster pace of 16.3 percent, following a 13.8 rise in August.