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Japan's June core machinery orders show signs of capex recovery

Kazunori Nagashima | Stone | Getty Images

Japan's core machinery orders rose 8.3 percent in June from the previous month in a sign that capital expenditure is starting to recover.

The rise in core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, compared with economists' median estimate of a 3.1 percent increase.

Compared with a year earlier, core orders, which exclude those of ships and electricity, fell 0.9 percent in June, versus the median estimate of a 4.2 percent annual decline.

Manufacturers surveyed by the Cabinet Office forecast that core orders will rise 5.2 percent in July-September after falling 9.2 percent in the previous quarter.

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