This data is for private sector machinery orders (excluding ship and power equipment).

Also referred to as Core Machinery orders. its published by Japan's Cabinet Office.

-1.9 % m/m. A good size miss.

  • expected 3.6% m/m, prior -3.6%
  • 3rd consecutive month of decline

-5.2 % y/y. Ditto on the good size miss.

  • expected -1.1% y/y, prior 0.6%

This data point is used as an indicator of business capex 6 to 9 months out. So today's data, and the three months of consecutive decline, is not a good sign.

As a consolation, companies surveyed do expect core orders to rise in the July to September quarter. We'll see.

  • In the April to June quarter core orders fell 4.7% q/q, biggest fall q/q since April-June 2016
  • Orders fell January - March q/q too
  • These 2 consecutive falls q/q the longest since 2012

USD/JPY a tickle higher on the data.

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A similar sounding, but different data point is the Machine tool orders