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05-15-2012, 08:59 PM
LOS ANGELES (MarketWatch) -- Japan's core machinery orders for March fell 2.8% from a year earlier, as the volatile data point swung from a 2.8% gain in February, according to Cabinet Office data released Wednesday. The result matched the median expectation from a Dow Jones Newswires survey and beat a projected 3.5% drop in a Reuters poll. Core machinery orders, which exclude those from power utlities and for ship builders, are often seen as a leading indicator of capital spending in Japan. A government forecast included with the data called for core machinery orders to rise an average of 2.5% year-on-year in April, May and June, based on responses to the Cabinet Office's survey.
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