Machinery orders rebounded in October, rising at twice the pace economists had forecast, suggesting companies are confident sales in Asia and Europe will compensate for waning demand from the U.S.
Orders climbed 12.7 percent to ¥1.08 trillion from September, when they fell 7.6 percent, the Cabinet Office said Monday. The median estimate of 41 economists surveyed by Bloomberg News was for a 6.2 percent increase.
More purchases of chip-making equipment and turbines suggest companies are unfazed by prospects of slower global growth triggered by the worst U.S. housing recession since 1991.