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JAPAN DATA: Core Machine Orders Firmer, Supporting Capex Backdrop

JAPAN DATA
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We had a decent upside surprise to Oct core machine orders, which rose 2.1%m/m, versus 1.1% forecast and -0.7% prior. The y/y outcome was 5.6%, against a 1.0% forecast and -4.8% prior. 

  • The data paints a supportive picture for capex, although the broader, quarterly measure, has generally been running at a firmer pace relative to core machine orders in recent years, see the chart below.
  • We also had a resilient capex intentions update from last week's Tankan survey.
  • The detail of the machine orders print showed broad based strength. Total orders were up 21.1% m/m. Manufacturing and non-manufacturing rose strongly. 

Fig 1: Core Machine Orders & Japan Capex Y/Y 

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We had a decent upside surprise to Oct core machine orders, which rose 2.1%m/m, versus 1.1% forecast and -0.7% prior. The y/y outcome was 5.6%, against a 1.0% forecast and -4.8% prior. 

  • The data paints a supportive picture for capex, although the broader, quarterly measure, has generally been running at a firmer pace relative to core machine orders in recent years, see the chart below.
  • We also had a resilient capex intentions update from last week's Tankan survey.
  • The detail of the machine orders print showed broad based strength. Total orders were up 21.1% m/m. Manufacturing and non-manufacturing rose strongly. 

Fig 1: Core Machine Orders & Japan Capex Y/Y 

Keep reading...Show less