TOKYO - Japan’s machinery orders fell for a third straight month in September, raising doubts that business spending will be strong enough to offset external pressures, which have clouded the outlook for the export-reliant economy.
Policymakers are counting on solid capital expenditure and domestic demand to prop up growth amid the U.S.-China trade war, a broader global slowdown and the impact from last month’s sales tax hike. The core machinery orders data, which exclude those from shipbuilders and power utilities, is a highly volatile series but regarded as a key indicator of capital spending.
Data on Thursday is likely to show Japan’s economic growth slowed to an annualised 0.8% in July-September from 1.3% in the second quarter, a Reuters poll found last week.
The effects of the Republican trade war are deepening around the globe. Japan has pulled back from machinery orders for 3 straight months in trade with the US. More jobs lost in both countries.
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