The survey results were published by Japan's Finance Ministry and Cabinet Office (survey conducted on behalf of these two joint sponsors).

Business sentiment among large Japanese companies in the July-September period turned positive for the first time in three quarters,

  • confidence index covering firms capitalized at 1 billion yen or more hit +3.3 (from -4.7 in Q2)

Index for manufacturers

  • +7.0 (from -1.4)

Nonmanufacturers

  • +1.5 (-6.2)

Midsize companies (capitalized 100m yen - 1b yen)

  • +0.2 (-9.0)

Small firms (10m - 100myen

  • -18.0 (from -25.5 in Q2)

Government official comment:

  • "Business conditions remain severe due to coronavirus infections, but the outcome likely reflected the fact that the economy has continued on a recovery trend, with firms' sentiment enhanced as the vaccination campaign was promoted"

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The survey covered 14,580 companies capitalized at 10 million yen or more

  • 76.4% responded
  • taken in the middle of August