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  • Japanese large manufacturers’ sentiment deteriorates slightly less than predicted in Q1 - BoJ Tankan Survey
Ekonomické zprávy
01.04.2024

Japanese large manufacturers’ sentiment deteriorates slightly less than predicted in Q1 - BoJ Tankan Survey

The Bank of Japan's (BoJ) business sentiment survey, known as the Tankan, showed on Monday that the sentiment of Japan’s big manufacturers worsened slightly over the first quarter of 2024.

According to the survey, the headline index for large manufacturers' sentiment fell to +11 in the three months to March from the previous quarter's reading of +13 (revised from originally reported +12). This marked the first decrease in the indicator in four quarters but was marginally better than economists’ prediction of +10. The decline was driven by manufacturers of motor vehicles (-15 points to +13 in the March quarter), nonferrous metals (-9 points to +6), and business-oriented machinery (-6 points to +16). On the contrary, producers of petroleum and coal products (+9 points to +9), shipbuilding and heavy machinery (+9 points to +18), ceramics, stone and Clay (+7 points to +29), and food and beverages (+6 points to +24) demonstrated the strongest improvements in confidence last quarter.

Meanwhile, sentiment among big companies in the non-manufacturing sector rose to +34 in the first quarter from +32 in the previous quarter (revised from +30). Economists had forecast the Tankan large non-manufacturing index to come in at 33.

The survey also revealed that both big manufacturers and non-manufacturers see business conditions to deteriorate in the second quarter. The large manufacturers’ outlook index came in at +10 and that of the large non-manufacturers at +27.

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