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.