In March, Japan's core machinery orders rose the most in more than 18 years, signaling an upswing in business investment, Bloomberg reported.

Core machinery rose 19.1 percent from February, which is 5.8 percent higher than economist predictions. It was the highest jump since 1996. According to the Cabinet Office, this was the first time in five quarters that companies surveyed had forecast an increase in orders.

“It’s possible business investment will start to rise at a faster pace than we expected,” said Daiju Aoki, senior economist at UBS AG in Tokyo. “The BOJ’s confidence must have increased with today’s data. It’s becoming unlikely for the BOJ to add stimulus in coming months.”