Bank of Japan Tankan report for Q3, large manufacturers sentiment -27 (-24 expected)

Author: Eamonn Sheridan | Category: Central Banks

BOJ quarterly report

  • big manufacturers index -27 (Reuters poll: -23, prior was -34)
  • big manufacturers index three months ahead seen at -17 (Reuters poll: -17)
  • big non-manufacturers index -12 (Reuters poll: -9, prior -17)
  • big non-manufacturers index three months ahead seen at -11 (Reuters poll: -9)
  • small manufacturers index -44 ( -38)
  • small manufacturers index three months ahead seen at -38 ( -34)
  • small non-manufacturers index -22 ( -21)
  • small non-manufacturers index three months ahead seen at -27 (: -21)


  • all firms employment index -6
  • big manufacturers' production capacity index +15 vs June Q +15
  •  big manufacturers see fy2020/21 recurring profits -24.6 pct
  • big manufacturers see dollar averaging 107.34 yen for FY2020/21
  • big firms see fy2020/21 capex +1.4 pct (Reuters poll: +1.3)
  • small firms see fy2020/21 capex -16.1 pct ( -15.1)
  • September Q all firms financial condition index +5 vs June +3

This is painting a very poor picture. A couple of perhaps more encouraging signs are that the large manufacturing index has improved for the first time in ... 11 quarters (nearly 3 years).

Non-manufacturing index improved for the first time in 5 quarters. 


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The Bank of Japan Tankan reports on a survey of manufacturing and service companies designed to assess business conditions in Japan
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