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Economy

Japan business spending up 5.7% on year in October-December

TOKYO (Kyodo) -- Capital spending by Japanese companies rose 5.7 percent in the October-December quarter from a year earlier, government data showed Friday.

Investment by all nonfinancial sectors for purposes such as building factories and adding equipment increased for the ninth straight quarter, totaling 12.05 trillion yen ($108 billion).

Pretax profits at companies covered in the Finance Ministry's survey fell 7.0 percent to 19.48 trillion yen. Sales climbed 3.7 percent to 371.62 trillion yen.

The Cabinet Office is scheduled to release revised gross domestic product data for the fourth quarter of 2018 on March 8, taking into account the latest capital spending figures.

Preliminary GDP data showed the world's third-largest economy grew an annualized real 1.4 percent in the quarter, recovering modestly from a string of natural disasters in the summer.

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