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Japan's July core machinery orders down 3.6% month on month
[TOKYO] Japan's core machinery orders unexpectedly fell 3.6 per cent in July from the previous month, Cabinet Office data showed on Thursday, down for a second straight month and casting doubt about the strength of capital expenditures.
The month-on-month fall in core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, compared with a 3.7 per cent increase expected by economists in a Reuters poll.
Compared with a year earlier, core orders, which exclude those of ships and electric power utilities, increased 2.8 per cent in July, versus a 10.5 per cent annual gain expected.