Japan sticks with the notion that it is still growing and that orders are generally expanding, but moving more or less sideways. Recent Japan macro data have been touch-and-go. In contrast the July core machinery orders reading is fairly strong. The rebound dominates the decline posted in June. Still, Japan’s officials view this as a sideways movement. Orders -- even core orders -- that remove large contracts from ship building and electric power are still quite lumpy. The Yr/Yr growth of orders tends to dampen the impact of the lumps; it shows growth at a firm 8.4%. Orders related to domestic demand are growing at a pace of 5%. Foreign orders are still the source of strength, up by 12.6% Yr/Yr.