Japan's economic momentum showed signs of cooling this November. Core machine orders, a key barometer for industrial investment and future capital spending, dropped 11.0% month-over-month and slipped 6.4% year-over-year. Both figures came in below market consensus, signaling softer-than-expected demand from manufacturers. This data point matters beyond Tokyo—it reflects broader trends in global industrial cycles that often correlate with risk appetite across crypto markets. When major economies signal manufacturing weakness, capital tends to rotate between asset classes, including digital assets. The consecutive misses on expectations suggest momentum may be losing steam heading into the new year.