BoJ Tankan: Business Sentiment Unchanged In Q2
An index monitoring business sentiment in Japan was steady in the second quarter of 2016, the Bank of Japan said on Friday in its quarterly Tankan business survey. The large manufacturers' index came in with a score of +6, beating forecasts for +4 and unchanged from the previous quarter. The outlook also came in at +6, beating forecasts for +3, which would have been unchanged from Q1. The survey is closely watched by the Bank of Japan for formulating policies. Large industry capex for the current fiscal year is now seen higher by 6.2 percent, above forecasts for an increase of 5.6 percent and up sharply from the 0.9 percent decline seen in the previous quarter. The large non-manufacturers index was at 19, matching expectations although down from 22 in the previous quarter. The outlook score was 17, in line with forecasts and unchanged. The small manufacturing index came in at -5, beating expectations for -6 but down from -4 in the first quarter. The outlook was -7, in line with forecasts after showing -6 in the three months prior. The small non-manufacturing index had a score of 0, missing forecasts for 1 and down from 4 in the previous quarter. The outlook came in at -4, shy of forecasts for -2 and down from -3 in the three months prior. The sentiment indexes are derived by subtracting the percentage of respondents who say conditions are poor from those who say they are good. A positive reading means optimists outnumber pessimists.
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