Japan machinery orders tumble

TOKYO: Japan’s machinery orders tumbled by a record margin in May, dashing hopes for a bounce and casting doubt over a scenario of investment-led recovery in the world’s third largest economy.

The data are highly volatile, but serve as an indicator of capital spending in six to nine months and May’s shocking 19.5% slump raised questions about the economy’s ability to tide over a dent in consumption caused by an April 1 sales tax hike.