Japan's core machinery orders rise 4% in April on month

13:53, June 09, 2010      

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Japan's core machinery orders rose a seasonally adjusted 4.0 percent in April from a month earlier, the Cabinet Office said in a report Wednesday.

Machinery orders in April, seen as a key gauge for capital spending and therefore an important economic indicator, beat economists' median forecast of a 1.0 percent increase and followed a 5.4 percent rise in March.

Analysts suggest the increase in capital spending is a sign Japan's export-driven economy is steadily recovering, however economists highlight the fact that concerns over Europe's debt crisis will ensure that spending remains cautious and despite April's rise in orders, the outlook may not be overly optimistic.

The government, however, raised its assessment of machinery orders saying "they are showing signs of picking up," the report said.

Compared with a year earlier core machinery orders rose 9.4 percent in April and this figure is regarded as key for predicting future orders over the next half year.

According to manufacturers surveyed by the Cabinet Office the April-June quarter will see a 1.6 percent rise from the previous quarter, which would mark the third successive quarter of increase.

Japan's core machinery orders are seen as a leading indicator for capital spending in the country.



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