Japan data: May Core Machinery orders -3.7% m/m (expected -4.9%)

May Machinery Orders -3.7 m/m, not as bad as expected

• expected -4.9%, prior +10.1%

The previous month was a big gain, reversed. But, as I said earlier, this is a volatile data point, it swings around. A lot.

May Machinery Orders +16.9% y/y, beat

• expected 10.9%, prior 9.6%

The indicator is a guide to capex in around 6 to 9 months.