Japan's core machinery orders down 8.8% in February

Core machinery orders of Japan in February fell a seasonally adjusted 8.8 percent from the previous month to 769.6 billion yen (7.54 billion U.S. dollars), the Japanese government said Thursday. The orders, widely regarded as a leading indicator of capital spending, are "showing a standstill in their growth trend," the Cabinet Office said in a preliminary report. While last month, it said the orders are "on a growth trend." In the reporting period, orders from the manufacturing sector declined 11.9 percent to 292.3 billion yen (2.86 billion dollars), while those from nonmanufacturers shrinked 8.4 percent to 468.0 billion yen (4.58 billion dollars), both down for the first time in two months. Overseas demand for overall Japanese machinery, an indicator of future exports, gained 2.4 percent to 885.7 billion yen (8.68 billion dollars), up for the third straight month.