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Japan's March core machinery orders down 3.9%

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Japan's March core machinery orders down 3.9%

Japan's core machinery orders fell 3.9% month over month in March on a seasonally adjusted basis, after increasing 2.1% in February, data from the Cabinet Office showed.

Compared with a year earlier, core orders, which exclude orders for ships and those from electric power companies, fell 2.4% in March. The fall in core orders, a highly volatile data series, is regarded as an indicator of capital spending in the coming six to nine months.

The total value of machinery orders received by 280 manufacturers operating in Japan declined by 7.9% in March from the previous month on a seasonally adjusted basis. In the January-March period, it fell by 5.3% compared with the previous quarter.

The total amount of machinery orders for the April-June period was projected to rise by 9.9% and private-sector orders, excluding volatile ones, were projected to rise by 7.1% from the previous quarter respectively.