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BoJ Tankan: Large Manufacturers Index Climbs To -10 In Q4

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Large manufacturing in Japan posted some improvement in the fourth quarter of 2020, the Bank of Japan's quarterly Tankan Survey on business sentiment showed on Monday with a diffusion index score of -10.

That beat forecasts for a reading of -15 as expectations were very soft because of the global Covid-19 pandemic. But it was up from a score of -27 three months ago.

The outlook came in at -8, again beating expectations for -11 and up from -17 in the previous quarter.

The large non-manufacturers index came in at -5, beating forecasts for -6 and up from -12. The outlook came in at -6, also topping forecasts for -7 and up from -11 in the three months prior.

The medium manufacturers index was -17 with an outlook for -17, while the medium non-manufacturers index was at -14 with an outlook of -17.

The small manufacturing index was at -27, beating forecasts for -36 and up from -44, while the outlook was at -26. The small non-manufacturing index was at -12, while the outlook was at -20.

Large all industry capex is now seen lower by 1.2 percent, missing expectations for a fall of 0.1 percent and down from 1.4 percent in the previous three months.

The index for business conditions came in at -10 for large enterprises, -17 for medium and -27 for small.

Sales for FY2020 were seen at -9.1 for large manufacturers and -8.5 for large non-manufacturers; -7.5 for medium manufacturers and -6.1 for medium non-manufacturers; and -9.4 for small manufacturers and -8.5 for small non-manufacturers.

Profits for FY2020 are seen at -25.5 for large manufacturers and -41.9 for large non-manufacturers; -28.8 for medium manufacturers and -38.5 for medium non-manufacturers; and -39.7 for small manufacturers and -36.9 for small non-manufacturers.

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