Bank of Japan (BOJ) governor Haruhiko Kuroda might be having worst of times in his tenure as the governor, since good news for him are so scarce these days.

Since yesterday, Yen has remained quite well bid, raising the prospects that it might rise again against Dollar and other counterparts. After Machinery order report released today from Japan, yen started weakening but that spell ended relatively fast, when market turned risk averse over People Bank of China's (PBoC) weaker Yuan fix.

Machinery order statistics, very vital indicator as it often considered as a proxy for capital investments by companies.

While some might point out that Machinery orders rose in Month of December by 4.2% but that is little to cheer about. Closer look suggests, bounce was punitive, when compared to November's 14.4% decline, biggest in 18 months. Now, looking at yearly data it seems situation is quite worse. Machinery orders dropped by 3.6% from a year ago, which is much worse than 1.2% gain in November. This figure is worst since orders dropped by -14.6% in November 2014.

With December data, overall growth of orders in 2015has been 2.6%. Encouraging is the fact that private sector orders rose by 4.1%, excluding the volatile orders.

According to latest forecast for first quarter orders are expected to grow at lower pace of 0.8%

Bank of Japan's (BOJ) negative interest rates have come into effect from yesterday, however so far it has succeeded to impact bond market as intended but failed according to movement in equities and Yen.