Japan just released the results of its Q3 Tankan Survey.
This report measures sentiment among Japan’s large companies.
The large manufacturers index surged to 12 in Q3 from 4 in Q2. Economists were looking for a reading of 7
The large non-manufacturers index increased to 14 from 12.
The manufacturers outlook index inched up to 11 from 10 in Q2, and the non-manufacturers outlook index increased to 14 from 12.
“[T]he outlook for business conditions may be biased to the upside thanks to 2020 Olympic games, and to expectations surrounding an additional stimulus package which partly offset downside risks to growth from the consumption tax hike,” said the economists at Societe Generale ahead of the report.
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