The Bank of Japan survey of firms, conducted 4 times a year

Tankan Large Manufacturing Index, 25

  • expected 24, prior was 22
  • At 25 its equalled a high last seen in December 2006

Tankan Large Non-Manufacturing Index, 23

  • expected 24, prior was 23

Tankan Large Manufacturing Outlook, 19

  • expected 22, prior was 19

Tankan Large Non-Manufacturing Outlook, 20

  • expected 21, prior was 19

Tankan Small Manufacturing Index, 15

  • expected 11, prior was 10
  • highest since August of 1991
  • 6th consecutive imporvement

Tankan Small Non-Manufacturing Index, 9

  • expected 9, prior was 8
  • highest since November of 1991
  • 6th consecutive improvement

Tankan Small Manufacturing Outlook, 11

  • expected 9, prior was 8

Tankan Small Non-Manufacturing Outlook, 5

  • expected 5, prior was 4

Tankan Large All Industry Capex, 7.4%

  • expected 7.5%, prior was 7.7%

Some improvements from the small firms will be welcome (by small firms if no-one else). And a still positive but maybe not quite so much as expected elsewhere.

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More:

  • large manufacturers see USD/JPY averaging 110.18 for the fiscal year 2017/18 (up from the Q3 survey where they had it at 109.29)

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You'd think from results like these, not just today's but the consistent improvements over recent quarters, that the Bank of Japan might back off a little from its monetary stimulus. But ... the bank is still way, way off its inflation target ... way off ... which argues for ongoing accommodation. Something's gotta give.

Anyway, what is the yen doing .... nothing ... zzzzzzzzzzz