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Machinery orders in Japan on fast track
Source: Agencies |
May 18, 2010, Tuesday
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JAPAN'S machinery orders, a closely watched indicator of future business investment, rose in March for the first time in three months, indicating companies are becoming bullish on spending in line with an economic recovery.
The Cabinet Office said yesterday that Japan's core machinery orders in March increased 5.4 percent from the previous month to 732.9 billion yen (US$7.9 billion). The figure excludes volatile numbers from shipbuilders and electric power firms.
The March result was better than Kyodo News agency's average market forecast of a 5.2 percent increase.
"Overall, companies are boosting investments again on the back of Japan's economic recovery," said Hiroshi Watanabe, an economist at Daiwa Institute of Research.
"Among key sectors, the auto and machinery sectors are increasing their spending."
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