Machinery orders down sharply in Japan

March 10, 2013 at 10:25 PM

TOKYO, March 10 (UPI) -- Machinery orders, a leading indicator of capital spending by companies, fell sharply in Japan in January, the government said Monday.

Core private-sector machinery orders, which exclude orders for the volatile ship and utility industries, were down a seasonally adjusted 13.1 percent in January from the previous month, Kyodo News reported.

It was the first time in four months machinery orders have fallen, reaching 654.4 billion yen ($6.81 billion), the government said. The drop was must more severe than anticipated, Kyodo noted.

Japan's Cabinet Office said machinery orders were "showing signs of moderately picking up, but significantly decreased in January."

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Ford recalls 432,000 North American vehicles over software bug
Compact cannon for British armored vehicles
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
U.S. proposes tighter pipeline spill rules