Japan Core machinery orders for January: -5.4% m/m(expected -1.5%)

Used a capex indicator for Japan in the months ahead

-5.4% m/m for a big, big miss

• expected -1.5% m/m, prior -0.1%

-2.9% y/y

• expected -2.1% y/y, prior 0.9%

This indicator is referred to show likely business investment 6 to 9 months in the future.