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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 early this morning and is almost back to 102. This weekend, Shinzo Abe coalition has won in upper house election and the two arrows of its Abenomics, structural reform and fiscal stimulus may be ramped up. In other words, we believe that monetary easing has to be paused as it has not proven, anywhere in the world, its efficiency. Japan Equity markets have welcomed the elections and have sharply increased. Nonetheless, results still need to come…
