Machinery orders in Japan rose by a robust 5% in June. But their three-month growth is still -10.1% at an annualized rate and year-over-year orders are lower by 3.2%.

The more closely-watched core orders fell by 7.9% in June, falling at a 14.6% annualized pace over three months. They are up by 14.7% year-over-year.

Japan's orders still cannot paint a clear picture of economic recovery. The better appreciated core orders are weakening. The weakness in overall orders is a not a reassuring background.

Orders by source simply create another picture of confusion. Foreign orders are building momentum but still net lower by 20% year-over-year. Domestic orders are simply volatile, down at a 15% pace over three months but up 15% year-over-year.

Japan is still not able to shake the negativism that has engulfed it since having raised its consumption tax.