Japan's Core Private-Sector Machinery Orders Expanded 5.7 Percent

Japan's core private-sector machinery orders expanded 5.7 percent in April on month to 788.6 billion yen (about 9.9 billion U.S. dollars), the government said Wednesday. The seasonally adjusted figure, which is widely considered as a key indicator for the willingness of capital spending by companies, was the highest in about four years. It excludes orders for ships and from utilities due to their volatility. In the recording month, orders from manufacturers grew 3.4 percent to 328.2 billion yen while those taken by nonmanufacturers jumped 5.7 percent to 441.8 billion yen. The reading of core orders was contrasted with a fall in March when they saw a 2.8 percent contraction following a strong growth in the previous month. The rebound indicated the appetite of companies for spending was recovering. Japan's Cabinet Office maintained its assessment that country's machinery orders have been on a track of moderate increase. Source: Xinhua