TOKYO :Japanese companies raised spending on plant and equipment for a seventh straight quarter through to the end of 2022, data released on Thursday showed, offering relief to policymakers counting on a private demand-led recovery from COVID.Ministry of Finance (MOF) data showed Japanese firms raised capital
TOKYO :Japanese companies raised spending on plant and equipment for a seventh straight quarter through to the end of 2022, data released on Thursday showed, offering relief to policymakers counting on a private demand-led recovery from COVID.
A boost to output capacity drove the higher capex requirements as manufacturers such as chemicals and metal products, as well as service-sector firms, prepared for an uptick in demand. The weaker-than-expected GDP growth was caused by a decline in capital spending, raising some doubt about whether the world's No. 3 economy can achieve growth through private-sector investment and wage hikes which would in turn boost consumption."The capex data suggested there will be little change in revised GDP data. The economy was stalling as global cyclical demand went down," said Yoshimasa Maruyama, chief economist at SMBC Nikko Securities.
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