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Japan October machinery orders down 4.4%

(Agencies)
Updated: 2008-12-10 10:13

TOKYO -- Japan's core machinery orders, a key barometer of corporate capital spending, fell 4.4 percent in October, the government said Wednesday, indicating that business investment was retreating sharply amid the global slump.

Related readings:  Japan fell into deeper recession in third quarter  Japan's GDP down 1.8 percent in July-September  Japan struggles to give homegrown food a boost  Japan Inc forced to tap banks; Asia stocks jump

Core private sector machinery orders, which exclude often-volatile orders from electric power companies and shipbuilders, fell to 899.7 billion yen ($9.77 billion) in October from September, the Cabinet Office said.

The latest drop followed a brief upturn in September, when core machinery orders rose 5.5 percent after three straight months of declines.

Economists surveyed by Kyodo News agency had predicted a 4.6 percent month-on-month drop.

Core machinery orders in the manufacturing sector fell 2.2 percent, while those among non-manufacturers fell 2.3 percent, the office said.

Total machinery orders, including those from electric power firms and ships, plunged 14.4 percent in October.