Core private-sector machinery orders fell a seasonally adjusted 3.2 percent in January from the previous month to ¥837.9 billion on weakness among manufacturers, the government said Monday.
The orders, which exclude those for ships and from utilities because of their volatility, are widely viewed as an indicator of future capital spending by companies. They fell following a downwardly revised 2.1 percent rise in December, while market participants had forecast a slight decline.
The Cabinet Office maintained in its basic assessment that machinery orders had been picking up but have tapered off.