Japan Reuters Tankan (February): Manufacturing index -5 (prior -6)

The non-Manufacturing index +17, falling back for a second month (was at +25 in December 2022, a 3 year high)

• prior +20

The monthly Reuters Tankan Tankan The Tankan survey is a quarterly survey conducted by the Bank of Japan (BOJ) to measure the economic health of Japanese companies. The survey is widely considered to be one of the most important indicators of the Japanese economy, as it provides a detailed snapshot of the current and expected business conditions among large manufacturers, non-manufacturers and small and medium-sized enterprises (SMEs) in Japan.The survey is based on a sample of approximately 10,000 companies and covers a wide ra The Tankan survey is a quarterly survey conducted by the Bank of Japan (BOJ) to measure the economic health of Japanese companies. The survey is widely considered to be one of the most important indicators of the Japanese economy, as it provides a detailed snapshot of the current and expected business conditions among large manufacturers, non-manufacturers and small and medium-sized enterprises (SMEs) in Japan.The survey is based on a sample of approximately 10,000 companies and covers a wide ra Read this Term tracks the Bank of Japan's (BOJ BOJ The Bank of Japan (BOJ) is the central bank of Japan. It was established in 1882 and is headquartered in Tokyo.The BOJ's main responsibilities include issuing and managing the country's currency, implementing monetary policy, and ensuring the stability of the financial system. It also acts as a lender of last resort to banks during times of financial crisis. The BOJ sets the interest rate of the country and sets an inflation target, aiming to achieve 2% inflation.The BoO has a long history, with The Bank of Japan (BOJ) is the central bank of Japan. It was established in 1882 and is headquartered in Tokyo.The BOJ's main responsibilities include issuing and managing the country's currency, implementing monetary policy, and ensuring the stability of the financial system. It also acts as a lender of last resort to banks during times of financial crisis. The BOJ sets the interest rate of the country and sets an inflation target, aiming to achieve 2% inflation.The BoO has a long history, with Read this Term) tankan quarterly survey.

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• Many firms also complained about rises in energy and commodity prices and weakness of the yen, both factors that have driven up import bills, increasing the cost of doing business, the poll showed. "We have not been able to transfer rising costs of materials, gas and electricity to our customers. On top of that, wages are rising, all of which squeezes the business environment," a manager of a metal processing firm wrote in the survey.
• "The environment surrounding logistics and manufacturing remains severe due to coronavirus, chip shortages, yen weakness, price rises in raw materials, the Ukraine crisis and shortages of fuel and crops."

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This is not painting a picture of a booming economy is it? the Bank of Japan may be under pressure to cut back on accommodative policy, but economic indicators are not supporting such a move.

We'll hear from the new incoming BOJ Governor on Friday:

• Incoming BOJ Governor Ueda speaks this week for the first time since his nomination