The Bank of Japan’s quarterly corporate survey, the so-called Tankan report, showed that sentiment among large Japanese manufacturers rose to the highest level since 2007. The gauge was at 17 in March, climbing from 16 in December, however, below the median estimate of 19. The expectations index fell to 8 from 14, while economists had predicted 13.
Confidence among large non-manufacturers rose to 24 from 20 in December, in line with projections. To the contrary the outlook index declined to 13 in June in the face of today’s sales-tax increase that will probably weigh on consumption and consumer confidence. The Tankan survey of 10,483 businesses was conducted from 24 February to 31 March.
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