Japan data - April Machine Tool orders

+3.8 % m/m

  • expected -2.1%, prior was +2.9%

+3.0 % y/y

  • expected -1.4% and prior was +2.6%

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Comments from the Japanese government on the release (the data point comes from the Cabinet Office):

  • Says machinery orders are recovering
  • Raises its assessment of machinery orders

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The series is a volatile one, but on the face of it this is sign that capex is gaining