Government data shows machinery orders received by Japanese manufacturers in May fell by more than even the most bearish forecast, raising new doubt about the outlook for capex-led growth. At mid-afternoon, the government reported that core private-sector machinery orders fell a seasonally adjusted 6.7 pct in May from the previous month. The market expected a 2.4 pct decline, with the forecasts ranging from a decline of 5.9 pct to an increase of 0.4 pct in one poll of 20 brokerages and research houses. Core private-sector machinery orders, which exclude volatile orders from electric utilities and for ships, are viewed as a leading indicator of corporate capital spending. The government and many private-sector economists have predicted capex spending will keep expanding strongly, and along with more robust consumer spending keep the world's second-largest economy growing despite stagnant exports.