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BoJ Tankan: Large Manufacturers Index -4

BoJ Tankan: Large Manufacturers Index -4
4/1/2012 8:51 PM ET

The Bank of Japan's quarterly Tankan survey revealed on Monday that sentiment for its large manufacturers' index has stalled in the first quarter of 2012, holding steady at a score of -4.

The headline figure missed expectations for an increase to -1 after showing -4 in the fourth quarter of 2011 and +2 in the third quarter.

The outlook for the next quarter also fell shy of forecasts, coming with a score of -3 versus expectations for a 2 after showing -5 in the previous three months.

The large non-manufacturers' index matched forecasts with a reading of 5, up from 4 in the previous quarter and 1 in Q3. The outlook missed expectations, however, coming in at 5 versus forecasts for a 6 after posting 0 in the fourth quarter.

All industry capex also disappointed, now expected to remain flat for the fiscal year. That was well shy of forecasts for expectations of a 0.8 percent rise following the 1.4 percent showing in Q4.

Medium-sized manufacturers slid to -7 from -3, while the outlook was -8. Medium-sized non-manufacturers climbed from -4 to -1, while the forecast was -5.

Small-sized manufacturers fell from -8 to -10, while the outlook for Q2 was -15. Small-sized non-manufacturers climbed from -14 to -11, although the outlook was -16.

The all industries index inched higher, from -7 in Q4 to -6 in the first quarter - although it's expected to fall back down to -9 in the second quarter.

The indices are calculated by deducting the percentage of respondents who say conditions are bad from those who say they are good. Negative readings mean pessimists outnumber optimists.

by RTT Staff Writer

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