Japan's capital spending drops 3.5% in Q1 as Iran tensions weigh on business investment
Sketches a bagel but doesn't bake it through.
Summary
Japanese firms reduced capital spending by 3.5% in Q1 2023 despite reporting record profits, driven by concerns over geopolitical tensions related to Iran. The data, reported by the Finance Ministry, shows that uncertainty in the Middle East is weighing on business investment decisions in Japan.
Key quotes
· 1 pulledCapital expenditure excluding software fell 3.5% from the previous quarter in the three months through March, the Finance Ministry reported Monday.
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