Japan's core machinery orders unexpectedly rose in April, at the fastest pace in 18 months, as business spending remained defiantly robust against higher energy prices and China's COVID-19 lockdowns.
The surge in the closely watched barometer of business investment bodes well for Japan's corporate sector and the broader economy, which faces global inflation and a rapid yen decline to 24-year-lows.
Core machinery orders, a highly volatile data series considered an early indicator of capital expenditure, grew 10.8% in April from the previous month, marking the biggest monthly growth since October 2020, the Cabinet Office data showed on Wednesday.
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