The BoJ’s quarterly Tankan survey showed that Japanese firms turn more optimistic on activity for the second consecutive quarter. The headline large manufacturing index improved from 5 to 9. Also the outlook in the sector improved from 9 to 10. The large non-manufacturing measure improved from 23 to 27, a level not seen since the final quarter of 1991, as the sector rebounded after authorities lifted corona-restrictions. Especially companies in the accommodation, eating and drinking industry showed high levels of confidence. The outlook for the non-manufacturing sector also improved (21 from 20) but less than expected. Sentiment among smaller companies basically stabilized. According to the Tankan survey, Japanese corporations take into account a level for the yen at USD/JPY 135.75 for this fiscal year. With respect to inflation, Japanese corporates still see consumer price inflation at 2.2% three years ahead. At USD/JPY 149.75 the yen this morning continues its weakening trend. The
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Khabarovskiy-kray
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