Japan Core Machinery Orders for April: -12.0 % (expected -7.0%)

Core Machinery Orders data is used to indicate capex 6 to 9 months ahead

• -12.0%, a bad miss compared with expected -7.0%, prior -0.4% m/m

• -17.7% y/y, ditto, vs.expected -13.2%, prior -0.7% y/y

This is a volatile data series, but still, a poor result indeed. The y/y slump comes after s similar size drop in March.