Quarterly survey from the Bank of Japan

Tankan Large Mfg Index: 12 for a miss

  • expected 13, prior was 19

Tankan Large Mfg Outlook: 8 for a bigger miss

  • expected 12, prior was 15

Tankan Large Non-Mfg Index: 21, miss

  • expected 22, prior was 24

Tankan Large Non-Mfg Outlook: 20, in line

  • expected 20, prior was 20

Tankan Large All Industry Capex: 1.2% and a beat!

  • expected +0.7%, prior was +14.3%

Tankan Small Mfg Index: 6, a big slump and a miss

  • expected 10, prior was 14

Tankan Small Mfg Outlook: -2, very poor indeed

  • expected 6, prior was 8

Tankan Small Non-Mfg Index: 12 for a beat on this one

  • expected 9, prior was 11

Tankan Small Non-Mfg Outlook: 5 in line

  • expected 5, prior was 5

A couple of highlights … lowlights is a better description:

  • Large Mfg Index fell its hardest since Dec of 2012 and to its lowest since March 2017
  • Large Non-Mfg Index dropped its fastest since June 2016, to its lowest since March 2017 also

For more details, the link to the BOJ report is here.

Yen a few tics weaker. BOJ easing to remain in place at current huge levels (or more?).

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Background is here, gave a useful heads up to a disappointing report. Trade tensions, slump in global demand felt keenly in Japanese industry.

On the bright side, data over the weekend showing psotive for China: