Japan data: Machinery orders for March +1.4% m/m (expected +2.5%)

Core Machinery orders, from Japan's Cabinet Office

+1.4% m/m for March

• expected +2.5% m/m, prior +1.5%

-0.7% y/y

• expected +1.2%, prior +5.6%

A measure of private sector machinery orders (excluding ship and power equipment) and indicative of capital expenditure 6-9 months out

Both the m/m and y/y change coming in at a disappointing miss and below the previous month. It is a volatile series, so maybe that can account for the misses.

The y/y changes graph:

more to come