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Free AccessREPEAT:MNI: BOJ Tankan Supports Econ Recovery View; Risks Seen
Repeats Story Initially Transmitted at 00:45 GMT Dec 14/19:45 EST Dec 13
TOKYO (MNI) - The Bank of Japan sees the virtuous cycle from profits to
spending as still working, helping push a sustainable economic recovery, with
officials noting the BOJ's latest Tankan survey shows capital investment plans
by major firms as revised up to levels above the historic average.
Capex plans by smaller firms, as expected, were also revised up from three
months ago.
However, BOJ officials are concerned that prolonged uncertainties over the
global economy will weigh on sentiment of both firms and households, impeding
their spending, which will undermine the virtuous cycle.
The BOJ board, who gather for their 2-day policy meeting next week, will
likely maintain the view that the economy is expected to expand moderately .
The diffusion index for major manufacturers, calculated by subtracting the
number of companies reporting deteriorating business conditions from those
reporting an improvement, stood at +19 in December, unchanged from +19 in
September.
The data reflected a recovery in the DI after September's weakness that
followed a string of natural disasters, and that the impact of global trade
friction on business sentiment was limited.
Business investment plans by major firms, the key to a pickup in domestic
demand, are projected to rise 14.3% y/y in the current fiscal year, slightly
revised up from +13.4% in forecast in the September survey.
The employment index -- based on reports of excess employment minus those
citing insufficient employment -- fell to -35 in December among all firms, down
from -33 in September. The employment index for smaller firms fell to -39 in
December from -37 in September and the DI is expected to slip to -43 in March.
December's -35 was the lowest level since August 1991 when it was at -40.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.