Quarterly survey from the Bank of Japan
Tankan Large Mfg Index: 12 for a miss
- expected 13, prior was 19
Tankan Large Mfg Outlook: 8 for a bigger miss
- expected 12, prior was 15
Tankan Large Non-Mfg Index: 21, miss
- expected 22, prior was 24
Tankan Large Non-Mfg Outlook: 20, in line
- expected 20, prior was 20
Tankan Large All Industry Capex: 1.2% and a beat!
- expected +0.7%, prior was +14.3%
Tankan Small Mfg Index: 6, a big slump and a miss
- expected 10, prior was 14
Tankan Small Mfg Outlook: -2, very poor indeed
- expected 6, prior was 8
Tankan Small Non-Mfg Index: 12 for a beat on this one
- expected 9, prior was 11
Tankan Small Non-Mfg Outlook: 5 in line
- expected 5, prior was 5
A couple of highlights … lowlights is a better description:
- Large Mfg Index fell its hardest since Dec of 2012 and to its lowest since March 2017
- Large Non-Mfg Index dropped its fastest since June 2016, to its lowest since March 2017 also
For more details, the link to the BOJ report is here.
Yen a few tics weaker. BOJ easing to remain in place at current huge levels (or more?).
—
Background is here, gave a useful heads up to a disappointing report. Trade tensions, slump in global demand felt keenly in Japanese industry.
On the bright side, data over the weekend showing psotive for China: