Japan Core Machinery Orders for December +5.2% m/m (expected -6.1%)

Japan Core Machinery Orders for December

+5.2% for a good beat

• expected -6.1%, prior +1.5% m/m

+11.8% y/y

• expected %, prior % y/y

This is better news again for the Japanese economy (the news has been less bad so far this week for the economy ... however with the new state of emergency in January the data may well deteriorate again.

The Government has rtasied its assessment on machinery orders in response to this better data.

A caveat with this data point each month is it is highly volatile. Still +11.8% y/y is good news. the data is indicative of capex 6 to 9 months ahead.

After its move above 106 earlier and highs over 106.20 (briefly) USD/JPY is little changed circa 106.10.