A window into likely business expenditure capex in coming months, 6 to 9 months out
Japan Core Machinery Orders for June come in at -8.8% m/m … a huge miss for the admittedly volatile data point
- expected -1.0% m/m, prior -3.7%
and at +0.3% y/y … and ditto for the big miss
- expected +10.5% y/y, prior +16.5%
Wow, that is a very poor result indeed. Down large on the month comes after a big (but not as much as this) drop in May also. The fall is the fastest since December of 2017 (ie for 6 months, but Cabinet Office seemingly feels it incumbent upon them to point this out. Srsy, its cool, chill dudes)
More:
- government cuts machinery orders assessment
- says some pause in recovery of machinery orders
- July to September machinery orders seen at -0.3% q/q
At the same time, money stock data for July
- M2 is +2.6% vs. expected 3.1%, prior 3.2%
- M3 is +3.0% vs. expected 2.7%, prior 2.7%
