Japan's core machinery orders extended gains in July, raising hopes business growth spending may offset near-term headwinds from a global economic slowdown and a weaker yen, which has pushed up costs at home.
The surprise increase in core orders - a barometer of capital expenditure - could provide temporary relief for policymakers hoping for corporate investment to spur a domestic-led recovery in the world's third-largest economy.
The result "points to strong non-residential investment growth this quarter, chiming with solid capital shipments growth in July and record corporate profit margins in the second quarter," said Darren Tay, Japan economist at Capital Economics. However, the yen's slide this year was unlikely to lead to bigger spending on factories and other manufacturing facilities immediately, said Takumi Tsunoda, senior economist at Shinkin Central Bank Research Institute.
Compared with a year earlier, core orders, which exclude volatile numbers from shipping and electric utilities, rose 12.8% in July, the data found.
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