Capital spending by Japanese firms rose 2.2 percent on year in the quarter ended in September as automaking and smartphones surged, increasing the chance of an upward revision to economic growth, government data said Monday.
Business investment by all nonfinancial sectors for such purposes as infrastructure and introducing new equipment totaled ¥8.81 trillion, the Finance Ministry said. It was the fourth consecutive quarter of increase, although the pace declined from 7.7 percent in the previous quarter.
The ministry surveyed 31,037 companies capitalized at ¥10 million or more and drew valid responses from 22,544, or 72.6 percent.