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Japan Machinery Orders Fall 13%, Median Expectation Was 1.7% Decline


By Mike “Mish” Shedlock

Bloomberg reports Japan Machinery Orders Fall 13% in Sign of Limits on Investment.

 The decline from the previous month, announced by the Cabinet Office today in Tokyo, compared with the median estimate in a Bloomberg News survey of 26 economists for a 1.7 percent fall.

Today’s data are a reminder that business investment will not drive the recovery, said Izumi Devalier, a Japan economist at HSBC Holdings Plc in Hong Kong.

“Looking ahead, we expect accelerating consumption, residential and public investment,” Devalier said. Devalier cautioned against reading too much into a single month of “very volatile” data.

I understand the caution about volatility of large orders, but the rest of what Devalier says is suspect.

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