Japan business confidence rebounds as yen slides

AFP, TOKYO: Confidence among some of Japan’s biggest firms has rebounded for the first time in over a year, a key central bank survey showed Wednesday, as a sliding yen boosts profit hopes.
The Bank of Japan’s Tankan report—a quarterly survey of more than 10,000 companies that is the broadest indicator of how Japan Inc. is faring—showed a reading of 10 among major manufacturers, rising from six in its previous report.
A positive figure means companies are on average optimistic.
The October-December reading marked the first on-quarter improvement since last year’s April-June report.
Confidence among small- and mid-sized firms also strengthened in the latest reading, while companies also said they planned to boost capital spending, although the pace was weak.
The report offered some good news for Japan’s sputtering economic recovery.
Last week, the government downgraded its estimate for third-quarter growth to 0.3 percent, from an initial 0.5 percent reading. 
The BoJ’s report is likely to take some pressure off the central bank to launch more easing measures after its last meeting of the year next week.
Still, firms expect the next three months to be less rosy.

Japan business confidence rebounds as yen slides

AFP, TOKYO: Confidence among some of Japans biggest firms has rebounded for the first time in over ayear, a key central bank survey showed Wednesday, as a sliding yen boostsprofit hopes. The Bank of Japans Tankan reporta quarterly survey of more than 10,000 companies that is the broadest indicator of how Japan Inc. is faringshowed a reading of 10 among major manufacturers, rising from six in its previous report. A positive figure means companies are on average optimistic. The October-December reading marked the first on-quarter improvement since last years April-June report. Confidence among small- and mid-sized firms also strengthened in the latest reading, while companies also said they planned to boost capital spending, although the pace was weak. The report offered some good news for Japans sputtering economic recovery. Last week, the government downgraded its estimate for third-quarter growth to 0.3 percent, from an initial 0.5 percent reading. The BoJs report is likely to take some pressure off the central bank to launch more easing measures after itslast meeting of the yearnext week. Still, firms expect the next three months to be less rosy.