TOKYO -- Japan-based semiconductor equipment manufacturers reported the 90-day moving average orders hit 43.78 billion yen ($464 million) in July as the nation is showing a sharp recovery from the trough earlier this year.

The book-to-bill ratio shot up 0.07 points to 1.34, more than double the May figure, according to Semiconductor Equipment Association of Japan, as bookings outpaced billings for the second straight period.

A book-to-bill ratio of 1.34 means that 134 yen worth of new orders was received for every 100 yen of product billed for the month. A figure over 1.0 is considered an indicator of an expanding market.

The three-month average orders in July climbed 23.1% from the revised June level. Year-over-year, orders were down 52.6%, said SEAJ.

The three-month average worldwide billings was 32.79 billion yen, up 16.7% from June and down 61.3% from July 2008.