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Data released by the cabinet on Wednesday showed that orders for core machinery fell 0.4% in March from the previous month. Analysts surveyed by Reuters forecast a 7.1% drop. February was up 2.3%. Core machinery orders are seen as an indicator of corporate capital expenditure over the next six to nine months, with high volatility.
"A small decline in orders in March could lead to a collapse in investment this quarter," said Tom learmouth, a macro Japan analyst at Kaitou.
"The sharp drop in domestic orders for machinery and tools in April shows that orders for 'core' machinery fell sharply in the last month," he wrote in a report.
Japan's machinery orders fell to their lowest level in more than a decade in April, according to preliminary estimates released last week by the Japan Tool Industry Association (mtba).
Japan's economy slipped into recession in the first quarter, highlighting the growing impact of the pandemic.
According to a Reuters survey released on Wednesday, Japan's corporate confidence fell sharply in May, to the lowest level in a decade, as companies prepared for the long-term economic weakness caused by the new coronavirus epidemic.
Japanese Prime Minister Shinzo Abe has promised a second supplementary budget later this month to help businesses and families through a tough economic downturn. Japan has announced a $1.1 trillion stimulus plan.
In terms of the industry, manufacturing orders decreased by 8.2%, dragged down by the paper, automobile and auto parts industries. Core orders in the service industry increased by 5.3%, driven by an 82% increase in orders in the transportation and postal industries.


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