Japan's machinery order hits record low in May

• Source: Xinhua
• [10:33 July 09 2009]
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Japan's core private-sector machinery orders fell 3.0 percent in May from April to 668.2 billion yen ( some 7 billion US dollars), hitting the lowest level on record, the government's Cabinet Office said Wednesday.

The fall was beyond the market forecast which stood at about 1. 8 percent, implying Japanese companies still face a rocky road to recover.

The core machinery orders, which exclude those for ships and from electric utilities, are regarded as a leading indicator of corporate capital spending about six months ahead.