Japan data - January exports and imports improve y/y, December machine orders improve y/y
more to come

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.
more to come