Japan Core machinery orders
-3.2% m/m ... a big miss (this is the largest m/m fall for 5 months)
- expected -0.1% m/m, prior +6.7%
-8.2% y/y ... also a big miss
- expected -3.7% y/y, prior +6.7%
I delayed posting this ... some contrary reports coming out over the wires ... but correct now.
A bigger than expected drop in orders. Expectations are for a pick up in Q1, but this is not a good start for the year. The poor January result might be attributed to the volatility surrounding the Chinese new year celebrations. But, still, the drop is much bigger than was expected... capex remains fragile in Japan.
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Machinery orders is from the Japan Cabinet Office
- Assesses the total value of machinery orders received by 280 Japanese manufacturers (excludes orders for ships and from electricity power supply companies)
- The data is an indicator of future capex around 6 to 9 months out
It is a volatile data set (sure is!)