Japan's business mood improves, capex firm in boost to economic outlook

📆 02/10/2023 06:06:00
📰 Reuters

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Japan's business sentiment improved in the third quarter, a central bank survey showed, suggesting conditions for a durable economic revival are falling into place even as a global slowdown keeps policymakers cautious about the outlook.

Big non-manufacturers' mood brightened to levels unseen since 1991, when Japan was experiencing an asset-inflation bubble, a sign retailers were benefitting from a rebound in consumption after the dismantling of pandemic curbs.

Big non-manufacturers' index stood at 27, up from 23, the survey showed, above a median market forecast of 24 and improving for the sixth straight quarter. It was highest reading since November 1991. A rebound in auto output and falling raw material costs also helped lift sentiment, though some smaller firms said they were struggling to hike prices, the official said.

The survey showed big manufacturers expect conditions to improve three months ahead, though sluggish global demand and signs of weakness in China's economy cloud the outlook.

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