Today we get the results of the Bank of Japan’s Tankan Survey. Its a survey of manufacturing and service companies designed to assess business conditions in Japan. The BOJ Tankan is conducted quarterly.
It’ll hit the market at 2350GMT:
- Tankan Large Manufacturing Index Q1, expected is 19, prior was 16
- Tankan Large Non-Manufacturing Index Q1, expected is 24, prior was 20
- Tankan Large Manufacturing Outlook Q1, expected is 13, prior was 14
- Tankan Large Non-Manufacturing Outlook Q1, expected is 15, prior was 17
- Tankan Small Manufacturing Outlook Q1, expected is -3, prior was -1
- Tankan Small Non-Manufacturing Outlook Q1, expected is -3,, prior was 1
- Tankan Large All Industry Capex Q1, expected is 0.0%, prior was 4.6%
- Tankan Small Manufacturing Index Q1, expected is 4, prior was 1
- Tankan Small Non-Manufacturing Index Q1, expected is 6, prior was 4
Following, due at 0130GMT, February
- Labor Cash earnings y/y: expected is -0.1% prior was -0.2%
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Today is, of course, the day Japan raises its sales tax from 5% to 8%. Expectations for the economy range from ‘imminent catastrophe’ to ‘a bit of a slowdown while we muddle through then back to growth’. Pick a bias, defend it to your death. Or, go with the data as it flows in over coming months.
The one guarantee is the yen will move and be moved, and, if it isn’t, others will.
For the near term, support USD/JPY around 102.90, resistance on the session ahead of 103.50. EUR/JPY support 141.60/80, resistance on the day 142.50 initially. (Back with more later).
