Japan's core machinery orders fell by the most in eight months in a worryin...
TOKYO - Japan’s core machinery orders fell by the most in eight months in a worrying sign that global trade tensions are taking a toll on corporate investment, casting doubt that solid domestic demand can help offset external pressure on the export-reliant economy.
Cabinet Office data on Monday showed that core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, fell 7.8% in May from the previous month. Capital expenditure has been a bright spot in the fragile economy, helping first-quarter gross domestic product to expand at an annualized rate of 2.2%.
“Despite a slump in May, machinery orders point to broadly stable capital spending in the second quarter. Even so, we expect investment growth to slow sharply over the coming quarters,” said Marcel Thieliant, senior Japan economist at Capital Economics.
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