Japanese Machine Tool Orders Rose 39.6% y/y in January vs. 28.1% in Dec.
Report Reflects Businesses Are Optimistic About the Economy
IMF States the BOJ Does Not Need More QE
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Japan's Machine Tool Orders rose for the eighth consecutive month. The year-on-year growth rate increased 39.6 percent, up from 28.1 percent in December. The leading indicator of capital spending showed businesses expect a pickup in demand and are optimistic about the economy. The US Dollar rose against the Yen on the risk-positive data point. However, the rally was short lived due to comments made by the International Monetary Fund (IMF) and Bank of Japan (BOJ) suggesting there will be no stimulus expansion in the near term.
USD/JPY 1-Minute Chart. February 12, 2014