Bank of Japan Tankan Survey of manufacturing and service companies, designed to assess business conditions in Japan. April -June quarter of 2018:

Tankan Large Manufacturing Index, 21

  • 2nd straight fall, albeit a small one. This is the first two quarters in a row decline since December of 2012
  • expected 22, prior was 24

Tankan Large Manufacturing Outlook, 21

  • expected 20, prior was 20

Tankan Large Non-Manufacturing Index, 24

  • expected 23, prior was 23

Tankan Large Non-Manufacturing Outlook, 21

  • expected 22, prior was 20

Tankan Small Manufacturing Index, 14

  • expected 15, prior was 15

Tankan Small Manufacturing Outlook, 12

  • expected 11, prior was 12

Tankan Small Non-Manufacturing Index, 8

  • expected 9, prior was 10

Tankan Small Non-Manufacturing Outlook, 5

  • expected 7, prior was 5

Tankan Large All Industry Capex, 13.6%

  • expected 9.3%, prior was 2.3%

A few disappointments in this survey. Not terribly bad, just on the soft side. No immediate forex impact but do take note of the results for background on the economy

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The BOJ Tankan is conducted quarterly.