Well, so far the market response to the Japanese election has been underwhelming. USD/JPY is down from Friday closing levels and from the early opening level in New Zealand. The results of the election is pretty much as poll forecast, there is no surprise so the reaction has been ‘sell the fact’ so far.

Coming up today from the Bank of Japan we get the Q4 Tankan report, which will give us a picture of how the economy is faring:

  • Tankan Large Mfg Index: expected is 13, prior was 13
  • Tankan Large Mfg Outlook: expected is 13, prior was 13
  • Tankan Large Non-Mfg Index: expected is 13, prior was 13 …. that’s a lotta 13s …. hope your not superstitious …
  • Tankan Large Non-Mfg Outlook: expected is 14, prior was 14
  • Tankan Large All Industry Capex: expected is +8.1%, prior was +8.6%
  • Tankan Small Mfg Index: expected is -2, prior was -1
  • Tankan Small Mfg Outlook: expected is -2, prior was 0
  • Tankan Small Non-Mfg Index: expected is -2, prior was 0
  • Tankan Small Non-Mfg Outlook: expected is -2, prior was -1

The Bank of Japan’s Tankan is a a survey of manufacturing and service companies designed to assess business conditions in Japan. The BOJ Tankan is conducted quarterly.

Its due at 2350GMT.