Tokyo, July 9 (Jiji Press)–Japan’s seasonally adjusted core machinery orders in May rose 1.7 pct month on month after dropping 12 pct in April, the Cabinet Office said Thursday.

Private-sector orders excluding those for ships and power equipment, closely watched as a leading indicator of corporate capital spending, came to 765 billion yen.

The May growth came against the median estimate of a 4.1 pct decrease by 18 economic research institutes in a Jiji Press poll. Their estimates ranged from a fall of 11 pct to a rise of 3 pct.