Japan Capex for Q4 2020 a mixed bag, a miss on estimate but not as bad a drop as in Q3

Capital spending -4.8% y/y

  • expected -2.0% y/y, prior -10.6%

Capital spending excl. software -6.1% y/y

  • expected -3.0% y/y, prior -11.6%

Company profits -0.7% y/y ... still in the red for recurring profit growth but not as awful as Q3.

  • prior -28.4% y/y

Company sales -4.5% y/y

  • -11.5% y/y

Out at the same time was Japan's monetary base for February, up 19.6% y/y