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Japanese manufacturers feeling more confident
By Tomoko A. Hosaka |
July 2, 2010, Friday
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Print Edition
Print Edition
MAJOR Japanese manufacturers - riding high from a booming Asia - haven't felt this good in two years.
A key central bank report released yesterday showed business confidence among Japan's biggest manufacturers improved for a fifth straight quarter. This was due to Asia's rapid rebound from the global recession, which has bolstered demand for the country's exports of consumer gadgets, cars and other goods.
The Bank of Japan's quarterly "tankan" survey of business sentiment showed the main index for large manufacturers stood at 1. Three months ago it hit minus 14.
The figure represents the percentage of companies saying business conditions are good minus those saying conditions are unfavorable. The higher the number, the better the mood of the manufacturers.
The result beat Kyodo news agency's average market forecast of minus 3 and was the first reading in positive territory since June 2008.
The improvement in confidence suggests the recent turmoil in financial markets has not affected the real economy much, said Masamichi Adachi, senior economist at JPMorgan Securities Japan. It has "reassured our view that recovery remains intact," Adachi said in a commentary.
The tankan helps the central bank guide monetary policy and is a closely watched barometer of the country's economic health. The latest results lend support to the Bank of Japan's assessment that the world's second-biggest economy is enjoying a moderate recovery.
Last month, Governor Masaaki Shirakawa credited the rest of the world, particularly emerging economies, for fueling exports, production and business investment in Japan.
Companies surveyed by the tankan indicated they planned to increase capital investments by 4.4 percent this fiscal year through March 2011.
A key central bank report released yesterday showed business confidence among Japan's biggest manufacturers improved for a fifth straight quarter. This was due to Asia's rapid rebound from the global recession, which has bolstered demand for the country's exports of consumer gadgets, cars and other goods.
The Bank of Japan's quarterly "tankan" survey of business sentiment showed the main index for large manufacturers stood at 1. Three months ago it hit minus 14.
The figure represents the percentage of companies saying business conditions are good minus those saying conditions are unfavorable. The higher the number, the better the mood of the manufacturers.
The result beat Kyodo news agency's average market forecast of minus 3 and was the first reading in positive territory since June 2008.
The improvement in confidence suggests the recent turmoil in financial markets has not affected the real economy much, said Masamichi Adachi, senior economist at JPMorgan Securities Japan. It has "reassured our view that recovery remains intact," Adachi said in a commentary.
The tankan helps the central bank guide monetary policy and is a closely watched barometer of the country's economic health. The latest results lend support to the Bank of Japan's assessment that the world's second-biggest economy is enjoying a moderate recovery.
Last month, Governor Masaaki Shirakawa credited the rest of the world, particularly emerging economies, for fueling exports, production and business investment in Japan.
Companies surveyed by the tankan indicated they planned to increase capital investments by 4.4 percent this fiscal year through March 2011.
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