TOKYO: Japan's core machinery orders rose 0.2% in August from the previous month, government data showed on Monday, highlighting resilience in capital spending even as the economy takes a hit from the coronavirus pandemic.
The increase in core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, compared with a 1.0% contraction forecast by economists in a Reuters poll, the Cabinet Office data showed.
The modest increase in core orders was a welcome sign of strength for the economy but the outlook for capital spending remained uncertain as companies take a hit on corporate earnings. The world's third-largest economy is gradually recovering from the shock of the coronavirus pandemic, with the government last Wednesday saying economic activity likely stopped contracting in August.
The government has already deployed a combined $2.2 trillion of fiscal stimulus packages to overcome the pandemic's blow, adding to an enhanced programme from the Bank of Japan.
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