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Strategies & Market Trends : Mike's Big Adventure Trading Forum

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To: nspolar who wrote (1277)	9/15/2006 9:06:11 AM
From: Square_Dealings	Read Replies (1) of 1791

Japan machine orders drop quells rate hike fears Report reveals biggest monthly drop in 20 years; yen, stocks and bonds fall on news September 11 2006 TOKYO (Reuters) -- Japan's machinery orders marked their biggest monthly drop in nearly 20 years in July, data showed Monday, scaling down expectations for an interest rate hike in the coming months and sending the yen, bond yields and stock prices lower. Core private-sector machinery orders, a key gauge of corporate capital expenditures, fell 16.7 percent in July from June. The drop was the steepest since the government started compiling the data in April 1987. Separate government data released earlier showed that Japan's economy grew at an annualized rate of 1.0 percent in the April-June quarter, slightly more than initially estimated. The July machinery orders, well below a median forecast of a 5.3 percent decline, fueled market speculation that the Bank of Japan will not raise interest rates by the end of the year. The data prompted the yield on the benchmark 10-year Japanese government bonds to tumble 5.5 basis points to 1.665 percent, approaching the 5-1/2-month low of 1.600 percent touched earlier in the month.

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