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Japan Machinery Orders (Nov. 2022)

“Core” machinery orders fell to their lowest level since February 2022 in November, pointing to a contraction in spending on machinery and transport equipment in Q4 from Q3. The upshot is we now have greater conviction in our view that business investment stagnated in Q4 and will remain weak in at least the first half of this year as firms turn cautious due to a global economic downturn.

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