Japanese machinery orders for September disappoint

Japan's economy is supposed to be on a sustainable recovery, but with figures like those for September machinery orders, it is sometimes a bit hard to tell.

Japanese core private-sector machinery orders plunged by a sharper-than-expected 10 percent in September, more than reversing a sharp rise in August.

The orders, viewed as a leading indicator of corporate capital spending, were still 4.8 percent higher in September compared with a year earlier.

The market had been expecting a sharp monthly drop after August orders jumped 8.2 percent from July but forecasts were mostly for a fall of 7.0 percent.