Japan business survey shows slight improvement in outlook for manufacturers

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A quarterly survey by Japan's central bank shows business sentiment among manufacturers has improved slightly, especially in major heavy industries such as automaking, fossil fuels and machinery. The survey by the Bank of Japan, called the tankan, is a factor the central bank takes into account in assessing its monetary policy stance.

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The latest survey’s outcome undermined expectations for a rate hike, and the Japanese yen weakened, with the U.S. dollar trading at 152.90 yen on Friday, near its highest level in two weeks. Meanwhile, the benchmark Nikkei 225 stock index fell more than 1%. Japan’s economy grew at a revised 1.2% annual pace in the last quarter, helped by sustained consumer spending. But the outlook ahead is uncertain, IG economists noted, given U.S. President-electvows to impose higher tariffs on imports from many countries, which could jolt both the regional and the global economy.

Still, overall business sentiment for both manufacturers and non-manufacturers edged up to 15 from 14 in the previous survey.But while automakers and other big industries gained ground, sentiment among retailers and other service industries deteriorated, falling to 33 from 34, though it remained in positive territory.

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