- The Nikkei jumps 1.4% in Tokyo, helped by a weaker yen (USD/JPY +0.4% to ¥97.27) and news that Prime Minister Shinzo Abe may consider cutting corporate taxes in order to partially offset any economic drag occasioned by a planned sales tax hike. A corporate tax break could lead to increased capital spending, something the Japanese economy could certainly use. That said, core machinery orders did beat estimates in June, falling just 2.7% versus an estimated 7.2% decline.
- Across the region: Shanghai Composite flat, Hang Seng +0.4%, ASX +0.2%, Kospi +0.7%.
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