Ugly results from this. This data point is used as an indicator for capex to come down the pipeline, in around 6 to 9 months. Admittedly it's a volatile data point. Still, big misses both m/m and y/y.
Accompanying the data are assessments from Japan's government:
- cuts machine orders assessment
- says orders appear to be stalling
Earlier data from Japan was not encouraging either:
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Ahead today is the Bank of Japan policy statement. Due in the 0230 to 0330 GMT time window (2130 - 2230 US ET).
Previews:
- TD say still plenty of room for yen gains, see as low as 120 by the end of March
- Bank of Japan preview - "may be on the verge of its biggest policy change in decades"
- The hyenas are circling the Bank of Japan
- 10-year JGB yields still pushing the limit for now
- The risks are skewed towards disappointment for yen bulls this week
- Soc Gen will buy yen if the BOJ disappoints yen bulls - awaiting "attractive entry levels"
- Barclays expects further upside risks to the yen regardless of the BOJ decision today
jpy
