Japan core machinery orders down in April, raising capital spending concerns
TOKYO - Japan's core machinery orders fell in April for the first time in three months, Cabinet Office data showed on Monday, casting some doubt about the strength of capital spending, which is key to a durable economic recovery.
Core orders fell 2.9% month-on-month in April, versus a 3.1% decline expected by economists in a Reuters poll, the first drop in three months. It is a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months.Japanese firms tend to compile big spending plans to boost factories and equipment but are often slow to implement them due to uncertainty over the economic outlook.
By sector, core orders from manufacturers tumbled 11.3% month-on-month in April, while those from non-manufacturers increased by 5.9% in the same period.
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