The monthly Reuters Tankan is more timely than the quarterly report of the same name from the BOJ.

  • January manufacturers' sentiment index comes in at -6 (unchanged from Dec)
  • Service-sector index +14 in January vs. flat vs Dec
  • Manufacturers' mood seen up ahead, service sector down

Pessimism amongst Japanese manufacturers persisted in January, usual suspects cited:

  • China-U.S. trade tension
  • sluggish global demand

Looking ahead though, some believed conditions will improve in the next few months

  • seen to 0 in April

Service-sector outlook sees 13 in April (slight fall)