It has not been a good week for Japan"s economic outlook as following last night"s dismal GDP print, tonight shows Japanese Machine Orders collapsed 11.9% MoM in December - the biggest crash since Japan raised the sales tax in May 2014...
Against expectations of a modest 2.0% drop (after November"s 5.7% rise, Machine Orders collapsed...
Foreign Orders cratered 13.2% led by manufacturers suffering a 13.3% MoM drop.
This drops Japanese Machine Orders back to practically unchanged since May 2013...
Now that"s stagnation!
The reaction is another leg lower in USDJPY...
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