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Japan’s Tankan manufacturing index, as released by the Bank of Japan, rose during the third quarter of this year, beating what markets had initially anticipated.
Confidence at large Japanese manufacturers improved in the third quarter, with the Tankan manufacturing index rising to +10. The increase was in line with analysts’ forecast. The manufacturing index was unchanged in Q2, reflecting moribund growth through the first half of the year.
Further, the Tankan non-manufacturing index, which tracks business sentiment and economic health in the service industry, was unchanged at +18 in the third quarter. The indicator edged down by one point in the previous quarter.
Other economic indicators tracking manufacturing suggest a modest recovery in the world’s third-largest economy. Manufacturing output grew at a steady pace last month, with exports and new orders contributing positively, final PMI data from IHS Markit/Nikkei showed earlier this month. The final Nikkei PMI came in at 51.3 in November, little changed from the previous month.
Meanwhile, the USD/JPY traded at 115.17, down -0.02 percent, while at 6:00GMT, the FxWirePro's Hourly Yen Strength Index remained slightly bearish at -77.54 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
