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BoJ Tankan: Large Manufacturers Index +12 In Q3

JapanSentiments 040113

An index measuring business sentiment in Japan gained broadly in the third quarter of 2013, the Bank of Japan revealed on Monday in its quarterly Tankan business survey.

The survey is closely watched by the Bank of Japan for formulating policies.

The large manufacturers index came in with a score of 12, beating forecasts for a 7 and up from 4 in the second quarter. The outlook score was 11, also beating expectations for a 10 - which would have been unchanged from the previous three months.

The large non-manufacturers index was at 14, matching expectations and up from 12 in Q2. The outlook score was 14 versus forecasts for 15 and up from 12 in the three months prior.

Large all-industry capex is now seen at 5.1 percent for the current fiscal year, missing forecasts for 6.0 percent and down from 5.5 percent in the previous quarter.

The medium-sized manufactures index saw a score of 0, up from -4 in the second quarter and with an outlook of 2 for Q4. Medium-sized non-manufacturers came in at 8, up from 7 in the previous three months and with an outlook of 7.

The index for small-sized manufacturers came in at -9, up from -14 and with an outlook of -5. Small-sized non-manufacturers were at -1, up from -4 and with an outlook of -2.

The sentiment indexes are derived by subtracting the percentage of respondents who say conditions are poor from those who say they are good. A positive reading means optimists outnumber pessimists.

Also on Tuesday:

• The unemployment rate in Japan came in at a seasonally adjusted 4.1 percent in August, the Ministry of Internal Affairs and Communications said. That missed forecasts for an increase of 3.8 percent, which would have been unchanged from the July reading.

The job-to-applicant ratio was 0.95 - in line with expectations and up from 0.94 in the previous month.

The number of employed persons in August was 63.10 million, up 290,000 or 0.5 percent on year. The number of unemployed persons in August was 2.71 million, down 60,000 or 2.2 percent on year.

• The average of household spending in Japan contracted 1.6 percent on year in August, the Ministry of Internal Affairs and Communications said- coming in at 284,646 yen.

That was well shy of forecasts that called for an increase of 0.2 percent following the 0.1 percent increase in July.

On month, household spending dipped 0.5 percent.

The average of monthly income per household stood at 471,411 yen, down 0.9 percent on year. The average of consumption expenditures per household was 312,622 yen, down 0.5 percent on year.

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