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June 12, 2011, 8:00 p.m. EDT

Japan core machinery orders unexpectedly slip

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By Lisa Twaronite

TOKYO (MarketWatch) -- Japanese core machinery orders slipped 0.2% in April from the previous year and 3.3% from March, Japan's Cabinet Office said Monday. Economists surveyed by Dow Jones Newswires had expected a 1.2% rise from March. These data are considered a leading indicator of corporate capital spending, but are highly volatile. Core orders exclude those for ships and for large electric-power equipment. The monthly data for March surprised on the upside, despite that month's devastating earthquake and tsunami, marking a 2.9% rise when economists had expected a 9.6% drop.

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