Machinery orders (Core Machinery Orders) data is from the Japan Cabinet Office,
-5.7% m/m, for a big miss on expected
- expected +2.3%, prior -3.6%
-3.5 % y/y, (ditto)
- expected +3.5%, prior +2.8%
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Terrible misses for this
Comments from the government report (this data point is from the Japan Cabinet Office):
- Cuts its machinery orders assessment ... says orders are falling <insert 'D'uh' here>
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Yesterday we got the BOJ sounding upbeat, still, on the economy. Kuroda too:
- BOJ's Kuroda says Tankan survey shows firms are clearly prepared to invest
- More from Kuroda: Strongly expects govt to take steps to ensure economic growth acceleration
- More from Kuroda (2): Will not hesitate to ease policy further if necessary
With data like this from Japan today its difficult to stay sanguine. Market expectations for further easing at the October 30 Bank of Japan meeting will surely consolidate and grow if data like today's continue.
