Japan's machinery orders unexpectedly rose in February, suggesting business investment remained resilient even as companies braced for a major jolt to demand from the coronavirus pandemic.
TOKYO - Japan’s machinery orders unexpectedly rose in February, suggesting business investment remained resilient even as companies braced for a major jolt to demand from the coronavirus pandemic.
The rise followed a 2.9% gain in January and was better than a 2.7% decline predicted by economists in a Reuters poll. Analysts expect the hit to consumption from the coronavirus to worsen in coming months after Prime Minister Shinzo Abe declared a state of emergency on Tuesday that is seen paralysing activity in major cities.
Abe unveiled a stimulus package of almost $1 trillion on Tuesday that includes 39.5 trillion yen in direct fiscal spending, largely to offset the immediate damage from the pandemic.
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