Rise in Japan's first quarter capex undercut by pandemic-driven profit slump
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TOKYO (Reuters) - Japanese firms raised spending on plant and equipment in the first quarter, though a sharp drop in profits highlighted the economic pain inflicted by the coronavirus pandemic.Capital spending rose 4.3% in the first quarter year-on-year, lifted by demand for electrical machinery and big-ticket items, a preliminary survey by the Ministry of Finance (MOF) showed on Monday.However, corporate recurring profits decreased sharply at their fastest pace in over a decade, according to..