May Japanese housing starts -15.0% vs -10.5% exp y/y

• Prior -3.3%
• Annualised starts units 0.872m vs 0.909m exp. Prior 0.906m
• Construction orders 13.7% vs 104.9% y/y prior

Japanese housing starts y/y 30 06 2014

Japanese construction orders yy 30 06 2014

USD/JPY muted at 101.31