Japanese companies cut spending on plant and equipment for the fourth consecutive quarter in January-March, as the economy struggles to shake off the drag from the coronavirus pandemic.
A slow recovery of firms' propensity to spend is likely to worry policymakers hoping strong domestic demand can help make the country's economic recovery more sustainable.Ministry of Finance data out on Tuesday showed capital expenditure in the first quarter fell 7.8per cent from the same period last year, pulled down by weaker investments in transportation equipment, electrical machinery and real estate.
The world's third-largest economy slumped back into decline in the first quarter as a slow vaccine rollout and repeated emergency curbs put in place to halt a resurgence of infections hurt domestic demand. The latest MOF survey showed manufacturers' business spending fell 6.4per cent from a year earlier, while that of service-sector firms dropped 8.5per cent.
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