Japan business mood improves, tankan survey shows
An industrial port is pictured in Tokyo, Japan, May 23, 2019. REUTERS/Kim Kyung-Hoon
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TOKYO, Oct 1 : Japanese business confidence improved in the three months to September, a quarterly central bank survey showed on Thursday, suggesting the economy was weathering the hit from the Middle East conflict and bolstering the case for more rate hikes.
The data will be among factors affecting the Bank of Japan’s quarterly growth and inflation forecasts due later this month, which will offer clues on how soon it could raise interest rates again after a hike in September.
The headline index measuring big manufacturers’ business sentiment improved to +24 in September from +22 in June, the BOJ’s “tankan” survey showed, compared with market forecasts for a reading of +25.
An index measuring big non-manufacturers’ sentiment stood at +35 after a +37 reading in June. It compared with market forecasts for +36.
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Companies expect inflation to hit 2.6 per cent three years from now and 2.5 per cent five years from now, the tankan showed, a sign firms see inflation staying well above the BOJ’s 2 per cent target for a prolonged period.
The BOJ raised interest rates to a 31-year high last month, with its governor signalling the central bank has entered a new phase focused on preventing inflation from overshooting its target, opening the door to further rate hikes.
Source: Reuters
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