Japan machinery orders drop the most in 2 years in April

Tokyo

JAPAN'S core machinery orders tumbled in April by the most in two years, partly due to earthquakes in a southern manufacturing hub but raising the risk that business investment will remain weak for most of the year.

The 11 per cent month-on-month fall in core orders was much deeper than the median estimate for a 2.3 per cent decline in a Reuters poll of analysts. It also marked the biggest decline since May 2014. In March, core orders rose 5.5 per cent.