Reuters report on their monthly Tanakn survey for May 2020:
- slump in Japan business mood deepens, hits decade lows again on coronavirus woes
Manufacturers index -44 in May vs -30 in April, falls to lowest level since June 2009
- non-manufacturers index -36 vs -23 … lowest level since Dec 2009
Manufacturers august index seen at -51
- non-manufacturers -48
The BOJ easy money policy is firmly entrenched, such a dire outlook in Japan. The extent you use central bank policy to assist your currency view, bearish yen.