Japan core machinery orders for December -12.5% m/m (expected -8.9%)

A capex indicator for Japan in the months ahead, 6 to 9 months out.

-12.5% m/m
  • expected -8.9%, prior 18.0% m/m
-3.5% y/y
  • expected -0.7%, prior 5.3% y/y
The m/m is very volatile, the y/y is a little smoother. Both are misses though.
As part of the process the Cabinet Office survey manufacturers:
  • the firms expect core orders will fall 5.2% in Q1 of this year (from -2.1% in Q4 2019)
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