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Japan survey sees sentiment steady but outlook weaker
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A Japanese central bank survey shows sentiment among big manufacturers is steady, though companies in all sectors expect conditions to deteriorate in the coming months.
The Bank of Japan’s “tankan” survey, released yesterday, remained at 12 as of December, flat from September. The tankan measures corporate sentiment by subtracting the number of companies saying business conditions are negative from those responding they are positive.
The reading for non-manufacturers was 25, also unchanged from September, the survey said. However, the number of companies anticipating worse conditions in the coming quarter outnumbered those expecting improvements, with figures of minus 5 for manufacturers and minus 7 for non-manufacturers.
A total of 10,971 companies responded to the survey.
The survey for the coming quarter showed both manufacturers and other companies were pessimistic about the outlook for sales and for investment in the world’s third-largest economy.
Japanese companies have seen their profits soar since Prime Minister Shinzo Abe took office three years ago and initiated a recovery strategy that relies heavily on monetary stimulus. But investment and wages have lagged expectations, slowing growth.
A recent upward revision of data showed Japan’s economy steered clear of recession, despite a contraction in the April-June quarter, as the economy gathered momentum in the July-September quarter.
“Admittedly, firms project a sharp weakening in business conditions in the coming quarter, but this is not unusual when current circumstances are as buoyant as they are now,” Marcel Thieliant of Capital Economics said in a research note.
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