Japan’s May Machine Orders figure unexpectedly declined 3.0% despite forecasts calling for figure to rise by 2.0%. This surprising deviation further propagates the notion that the Japanese economy is not as near to the bottom of its recessionary phase as some would have appreciated. In the 12 months ending May, the figure tanked 38.3%, worse than the 32.8% figure seen in the year through the month prior. When adjusting for seasonal deviations from trend, the figure paints a rosier picture. In fact, such an adjustment reveals that non-manufacturing machine orders surged ahead 23.9% in May alone. Manufacturing ones too rose, by 5.4%