Japan's Machinery Orders Up 5.4%

Japan's core private-sector machinery orders, a leading indicator of corporate capital spending, jumped 5.4% in March from the previous month, official data showed on May 17.

The core orders, which exclude particularly volatile demand from power companies and for ships, contrast with a 3.8% monthly drop in February.

The reading was slightly higher than the average market forecast of a 5.3% rise.

Core orders from manufacturing companies rose 3.1% month-on-month in March while those from non-manufacturers were up 12.6%, the Cabinet Office said.

Core orders in the three months to June are expected to rise 1.6% from the three months to March, according to the official figures.

Copyright Agence France-Presse, 2010