"Bye, bye, Abe" Just when you thought Japanese macro data couldn't get any worse... it does. Plumbing new depths in the "you can't print your way to prosperity" plan, Japanese Private Sector Machine Orders collapsed 19.5% month-over-month - the largest monthly drop ever (as the dragged-forward pre-tax-hike demand left a hole the size of Fukushima behind it). With Abe's disapproval ratings soaring and inflation surging, hopes for more 'bad news is good news' QQE should be quickly dismissed.

This 19.5% collapse MoM (compared to expectations of a 1.1% rise!!!!) is not made any more easy for Abe to bear than the 14.3% Year-over-year plunge as Abenomics exuberance makes comps now considerably harder....