- Japan's machinery orders, a leading capex indicator, reached the highest level in five years in August, climbing 5.4% on month to ¥819.3B ($8.4B) vs no growth in July and topping consensus of +2.9%.
- On year, orders +10.3% vs +6.5% and +8.5%.
- The increase is positive for Japan's government especially because one of its aims is to boost corporate investment as part of its economic reforms.
- "Capital spending is on a recovery trend," says Nomura economist Minoru Nogimori. "Japan's economic recovery is looking steady." (PR)
- Meanwhile, consumer confidence rose to 45.4 in September from 43 in August and beat forecasts of 43.8. (PR)
- Nikkei +1.1%.
- ETFs - Stocks: EWJ, NKY, EWV, EZJ, ITF, JSC, JPP, DXJ, SCJ, DFJ, FJP, JPNL, JPNS, DXJS. Bonds: JGBT, JGBL, JGBS, JGBD. Currency: FXY, JYN, YCL, YCS
Japan's machinery orders rise to highest since 2008
Oct 10 2013, 03:18 ET