TOKYO: Japan's core machinery orders slipped for the first time in three months in May, hurting hopes that a pickup in business spending would offset pressure on an economy struggling with surging costs of energy and other imports due to a weak yen.
It was almost exactly in line with economists' median estimate of a 5.5 per cent contraction and followed a 10.8 per cent jump in the previous month and a 7.1 per cent increase in March. "It's because of supply constraints. Machinery makers are saying that chips are not coming in even though they are sitting on orders. Those aren't reflected in the capital spending."
Source: News Formal (newsformal.com)
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