Core private-sector machinery orders rose a stronger-than-expected 4.2 percent in January from the previous month on a recovery in manufacturing, adding to signs that companies are regaining their appetite for capital spending, government data showed Wednesday.
The seasonally adjusted figure expanded for the second straight month, to ¥766.1 billion, the Cabinet Office said, while maintaining its basic assessment that machinery orders are on a "trend of picking up, although some weak developments can be seen in nonmanufacturing industries."
The increase was well above the average forecast of a 2.9 percent rise by economists in a Kyodo News survey. The core orders exclude those for ships as well as from utility providers because of their volatility.