More on Japan Machinery Orders data – casting doubt over the outlook for a pickup in capital spending

The results:

May Machine Orders: -19.5% m/m

• expected +0.7%, prior -9.1%

May Machine Orders: -14.3% y/y,

• expected +10.1%, prior +17.6%

–

More (via Reuters):

• Japan government cuts machinery orders assessment
• Japan government says machinery orders increasing trend seen stalling
• Core machinery orders largest monthly decline on record
• Casting doubt over the outlook for a pickup in capital spending

–

Other data from Japan this morning:

Japan data – Corporate Goods Price Index (CGPI) (PPI), Tertiary industry index and machine orders

Japan Buying Foreign Bonds, Y -287.1B (plus, the rest of this data)

–

Yen marginally strengthening after the data, UDSD/JPY below overnight lows now (just) … EUR/JPY not, though