Core Machinery Orders data are used as a capex indicator for Japan in the months ahead

Japan Core Machinery Orders for February a big miss at -8.5% m/m

  • expected 2.5%, prior -4.5% m/m
  • second consecutive m/m fall

and comes in at -7.1% y/y

  • expected 2.4%, prior 1.5% y/y

This is a volatile data series but still, a big miss on what was the survey central expected.

On the basis of the results the Japanese government has:

  • cut its machinery orders assessment
  • said that the uptick in machine orders is stalling