Japan information – January exports and imports enhance y/y, December machine orders enhance y/y

While Japan’s December core machinery orders improved y/y there are a few caveats to note:

• the y/y at +4.3% was a miss on the consensus estimate of +6.9%
• the -1.2% m/m was a miss on the estimate also

Admittedly this is a volatile data series.

Its regarded as a leading indicator of capital spending in the coming six to nine months.

On the January trade figures:

Exports rose 7.2% y/y

• up for a fourth straight month
• but a miss on the +7.9% expected

Imports jumped +16.7% in January y/y

• easily beating the 9.7% increase expected