Encouraged by stronger export orders, Japanese manufacturers are feeling a bit more upbeat than they were late last year, according to a quarterly survey by the Bank of Japan released Monday.
TOKYO – Encouraged by stronger export orders, Japanese manufacturers are feeling a bit more upbeat than they were late last year, according to a quarterly survey by the Bank of Japan released Monday.
The central bank’s «tankan» report put sentiment among large manufacturers at 12, up from 10 in December. Medium-sized and small companies also were more optimistic.
The survey’s findings fell slightly below economists’ forecasts. But they were seen as a sign that improved exports are underpinning growth in the world’s No. 3 economy as China’s economy stabilizes.
Masamichi Adachi of J. P. Morgan described the results as a «B,» or «not good but not bad. »
The improvement is «basically consistent with our bullish view on the current Japanese economy,» Adachi said in a research note. «Some improvement of business sentiment with persistent cautiousness is probably in line with the BOJ’s view, as well,» he said.
For the current April-June quarter, firms of all sizes forecast a slight deterioration in operating conditions, which is typical when conditions are favorable, said Marcel Thieliant of Capital Economics.
