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TOKYO: Japan's core machinery orders, a closely watched indicator of corporate capital spending, rebounded 9.7 per cent in June from a record low the previous month, government data showed Monday.
The result was much better than the average market forecast for a rise of 2.9 per cent, following a fall of 3.0 per cent in May.
The core orders, which exclude particularly volatile demand from power companies and for ships, are seen as a key barometer of business investment.
Japanese companies have been slashing their investment to try to survive the country's deepest recession in decades, but there are hopes that the worst of the economic slump is over.
Orders from manufacturing companies rose 14.6 per cent in June after a 5.4 per cent gain in May, while orders from non-manufacturers were up 7.3 per cent following a 6.9 per cent fall the previous month.
Core orders are expected to decline 8.6 per cent in the three months to September from the previous quarter, following a drop of 4.9 per cent in April-June, according to the manufacturers' own forecasts.
- AFP/yt
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