TOKYO: Japan's core machinery orders rose for the third straight month in May, a welcome sign for an economy struggling to overcome the hit from the COVID-19 pandemic.
Core machinery orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, jumped 7.8 per cent in May, beating a 2.6 per cent expansion forecast by economists in a Reuters poll.By sector, orders from manufacturers grew 2.
But with the move, Suga risks hurting Japan's economic recovery. Dai-ichi Life Research Institute estimated that the state of emergency could slash about 1 trillion yen from gross domestic product and cut 55,000 jobs over the coming months.Lawmakers from the prime minister's Liberal Democratic Party have escalated calls for a new relief package, with party heavyweight Toshihiro Nikai saying an extra budget of around 30 trillion yen is needed.
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