TOKYO (Reuters) - Japanese companies raised spending on factories and equipment in January-March compared with the same period last year, Ministry of Finance data showed on Monday, underscoring a steady pick-up in business investment.
The 7.3 percent year-on-year increase in capital spending followed a 2.8 percent rise in the previous quarter.
Excluding spending on software, capital expenditure rose a seasonally adjusted 5.8 percent from the previous quarter, following a 0.9 percent growth in October-December.
The data will be used to calculate revised gross domestic product figures due on June 8.
A preliminary estimate showed the economy grew an annualised 2.4 percent in the first three months of this year due to a positive contribution from inventories, but consumer spending and capital expenditure expanded less than expected.