Japan data: February Core Machinery Orders +1.5% y/y (expected -0.9%, prior +4.4%)

Japan data:

February Core Machinery Orders +1.5% y/y (expected -0.9%, prior +4.4%)

• +4.3% m/m (expected +1.2%, prior -3.5%

This is encouraging data. The caveat is, of course, that its for February, before the Trump tariffs hit the fan.

---

The core machinery orders data is a highly volatile series

• its used as a leading indicator of capital spending in the coming six to nine months