Last night, Japan machine orders for May came in lower for the second month in row at -1.4% after the sharp decline, the biggest in the last two years, a month before in April when it had been released at -11%. This is a real bad indicator showing a decline in business investment as well as a slowdown in the global economy. Machine orders is a great proxy of business investment and since January the trend is clearly negative.As a result, the yen has lost a figure against the greenback earl…
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