Japan’s core machinery orders in May unexpectedly grew for a third straight month, with the total value reaching a seven-year high and adding to recent evidence of a steady pickup in business spending seen as vital for a durable economic recovery.
The 0.6 percent rise in core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, beat economists’ median estimate of a 5.0 percent drop, Cabinet Office data showed.
That followed rises of 3.8 percent in April and 2.9 percent in March. The Cabinet office said the value of core orders reached its highest levels since June 2008.
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