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Japan’s shipments of construction machinery will rise at a slower pace than forecast as waning demand from developed countries pares gains in emerging Asian economies and the Middle East, an industry group said Thursday.

Shipments of excavators, tractors, cranes and other machines may rise 2 percent to ¥2.49 trillion in the year to March 31, according to estimates released by the Tokyo-based Japan Construction Equipment Manufacturers Association. That’s below its February forecast of ¥2.60 trillion.

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