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Friday, 10 October 2008

Japan Machinery Orders Dive as Recession Looms.

Japan's core private-sector machinery orders tumbled 14.5 percent in August, four times more than expected, in a bad sign for capital spending as the nation's economy spirals toward a recession.

Tokyo stock prices failed to gain ground despite Wednesday's joint interest rate cuts by central banks around the world, with worries about the financial crisis and global economy dominating.

A day after the Nikkei plunged 9 percent, Japanese Prime Minister Taro Aso instructed senior ruling party officials to consider a new emergency package to cope with the global financial uncertainty, Kyodo news agency reported.

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