Japan's core machinery orders drop 13.1% in January

Core machinery orders in Japan unexpectedly fell by 13.1% on a monthly basis in the month of January; it was the first fall of core orders in more than a four-month period, the Cabinet Office reported on Monday. Year-on-year, core orders dropped 9.7% in January, while economists' expected a drop of 2.0% following a 2.8% increase in December 2012.