Japanese machine order data is a heads up to capex in 6 to 9 months

Up a blockbuster 6.8% m/m, blowing away expectations

  • expected -3.9% m/m, prior +11.0%

y/y up 12.6% … ditto

  • expected +1.8% y/y, prior +13.9%

The Japanese government comments accompanying the release:

  • Says machinery orders are recovering
  • upgrades machine orders assessment

Yen is, have a guess, unresponsive. Japanese data tends not to have much of an immediate effect at the best of times on the yen.