Japan's core private-sector machinery orders rose a seasonally adjusted 3.8 percent in April from the previous month for the second straight monthly gain, the government said Wednesday. The figures suggest a rise in corporate investment against a background of economic recovery.
The value of orders, widely regarded as a leading indicator of future capital spending, totaled ¥902.5 billion, hitting the highest level since July 2008. The orders exclude those for ships and from utilities because of their volatility.
Following the unexpected increase in machinery orders, the government upgraded its basic assessment, saying the orders have been "picking up," the first upward revision in four months.