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Updated Thursday, March 11, 2010 11:08 am TWN, AP

Japan machinery orders fell 3.7 precent in January

TOKYO -- Japanese machinery orders, a closely watched indicator of future business investment, fell in January as companies reined in spending after a big jump the previous month. Core machinery orders declined 3.7 percent from December to 723.8 billion yen (US$8 billion), the government said Wednesday. The figure excludes often volatile numbers from shipbuilders and electric power companies.

Despite the drop, the result beat expectations and confirmed an overall recovery in orders since bottoming last year. Economists surveyed by Kyodo News agency had predicted an average 4.4 percent fall.

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