The nation's core private-sector machinery orders rose a seasonally adjusted 2.9 percent in March from the previous month, the government said Monday, reflecting a moderate recovery in corporate investment, though the outlook suggests companies remain cautious about spending.
The private-sector orders in March, excluding those for ships and from utilities because of their volatility, were stronger than a seasonally adjusted and revised 1.4 percent drop in February and a 2.5 percent increase in January, the Cabinet Office said.
The value of orders, widely regarded as a leading indicator of capital spending, totaled ¥869.4 billion ($7.28 billion), up from ¥844.8 billion in February.