In Japan, private machinery orders, excluding volatile ones, rose 11.0% yoy in July, well above expectation of 5.8% yoy. Total machinery orders rose 18.8% yoy. The strong growth suggests that companies were keen to invest despite the threat of trade protectionism. And rising capex will likely add to economic growth. So far, trade war worries haven’t materialized in economic data yet.

Also released, domestic CGPI rose 3.0% yoy in August, below expetation of 3.1% yoy.

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