* CAPEX in Q4 '17 was good, +4.3% y/y, excluding software +3.1% q/q.* Data good but may represent near-term peak, data into '18 on weak side.* Growth and CAPEX likely to fall back, stronger JPY to weigh.* Separately, Q4 recurring profits +0.9% y/y on sales of +5.9% y/y.* Profits and sales may have peaked in Q4 for now as well.* Japan Inc is sitting on massive cash however, still skimping on wages.<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^USD/JPY: ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
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