Central Banks


BOJ quarterly report

  • big manufacturers index -27 (Reuters
    poll: -23, prior was -34)
  • big manufacturers index three months ahead
    seen at -17 (Reuters poll: -17)
  • big non-manufacturers index -12 (Reuters
    poll: -9, prior -17)
  • big non-manufacturers index three months
    ahead seen at -11 (Reuters poll: -9)
  • small manufacturers index -44 ( -38)
  • small manufacturers index three months
    ahead seen at -38 ( -34)
  • small non-manufacturers index -22 ( -21)
  • small non-manufacturers index three months
    ahead seen at -27 (: -21)
  • all firms employment index -6
  • big manufacturers’ production capacity
    index +15 vs June Q +15
  •  big manufacturers see fy2020/21
    recurring profits -24.6 pct
  • big manufacturers see dollar
    averaging 107.34 yen for FY2020/21
  • big firms see fy2020/21 capex +1.4
    pct (Reuters poll: +1.3)
  • small firms see fy2020/21 capex -16.1
    pct ( -15.1)
  • September Q all firms financial condition index +5
    vs June +3

This is painting a very poor picture. A couple of perhaps more encouraging signs are that the large manufacturing index has improved for the first time in … 11 quarters (nearly 3 years).

Non-manufacturing index improved for the first time in 5 quarters. 

The Bank of Japan Tankan reports on a survey of manufacturing and service companies designed to assess business conditions in Japan
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