Japan Big Manufacturers Sentiment Held Steady, BOJ Tankan Shows

By Megumi Fujikawa

TOKYO--Sentiment among large Japanese manufacturers held steady during the three months to September, with optimism levels stable as they weighed the impact of China's economic slowdown and the yen's appreciation.

The main index gauging sentiment among big manufacturers was +13, unchanged from the previous survey in June, according to the Bank of Japan's quarterly tankan corporate survey released Tuesday.

That matched economists' forecast for a +13 reading. The index represents the percentage of companies that said business conditions were favorable minus those that said conditions were unfavorable.

Analysts look at the survey data to get a sense of the mood in corporate Japan and insight into the health of the economy.

The yen has reversed its downtrend against the dollar after the BOJ raised its interest rates to 0.25% at the end of July and pledged to raise rates further. The Japanese currency was trading at around 143.70 to the dollar on Tuesday, compared with a three-decade low of 162 in early July.

A stronger yen makes Japanese exports less competitive abroad.

Write to Megumi Fujikawa at megumi.fujikawa@wsj.com

(END) Dow Jones Newswires

September 30, 2024 20:29 ET (00:29 GMT)

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