Japan's machinery orders see 2.9% month-on-month rise in March

10:54, May 16, 2011      

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Japan's core machinery orders rose a seasonally adjusted 2.9 percent in March from the previous month, marking the first increase in two months, the Cabinet Office said in a report on Monday.

According to the government data, orders in the recording period totaled 777.6 billion yen, (9.61 billion U.S. dollars) compared to 748.8 billion yen logged in February.

Economists' median expectations in the light of supply chain issues and damaged factories following the March 11 disasters was for a 9.0 percent fall in the recording period.

The month-on-month rise in core machinery orders, which excludes volatile shipbuilding and power-company orders, rose 7.0 percent for fiscal year 2010, the Cabinet Office said.

Machinery orders are a key advance indicator for corporate capital spending and the government uses the data to predict the strength of business spending in a six to nine month period ahead.

Such business investment accounts for roughly 15 percent of Japan's gross domestic product and economists expected March's figures to show a sharp decline due to the affects of the March 11 earthquake and tsunami on factory production.

Source: Xinhua
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