So much for that short-lived hope-fest that Abenomics was not a total and utter disaster. Japan Machinery Orders (excluding -rather ironically- volatile orders) plunged 14.6% Year-over-Year in November (missing expectations of a 6.3% drop) for the biggest fall since Nov 2009. In this new farcical normal of course, this is just what the surging JPY of the last week needed and it is now dumping back towards 117.50 dragging Nikkei futures 150 points higher with it!!
Massive miss and drop in Machine Orders...
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and the ubiquitous "bad is good" ripfest in stocks/USDJPY
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And
- *JAPAN 10-YEAR GOVERNMENT BOND YIELD FALLS TO RECORD 0.245%
And then they actually admit something might be wrong:
- *JAPAN'S CABINET OFFICE SAYS CUTS ASSESSMENT OF MACHINE ORDERS
- *CABINET OFFICE:SEE SIGNS RECOVERY IN MACHINE ORDERS HAS STALLED
Charts: bloomberg
