Japanese Confidence Improves, But Nikkei Is Heading Lower Amid Uber-Low Capex Outlook

Fresh data on corporate sentiment out of Japan is mixed — basically confirming that the country remains mired in an anemic zombie state.

Bloomberg: The Tankan index of sentiment among big makers of products including cars and electronics climbed nine points to minus 24 in December, the Bank of Japan said in Tokyo today. The median forecast of 19 economists surveyed by Bloomberg News was minus 27. A negative number means pessimists outnumber optimists.

Stocks fell as the report showed large companies planned deeper spending cuts to protect earnings that are under threat from a currency that climbed to a 14-year high against the dollar last month. Sony Corp., forecasting a second straight annual loss, said last month that it will eliminate jobs, close a factory and transfer some touch-panel production to China.

You can find the complete survey results at the BoJ, in English, here.

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