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BoJ Tankan: Manufacturing Sentiment Picks Up Steam In Q3

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An index monitoring business sentiment in Japan gained momentum in the third quarter of 2017, the Bank of Japan said on Monday in its quarterly Tankan business survey.

The large manufacturers' index came in with a score of +22, beating expectations for +18 and up from +17 in the previous quarter.

The outlook came in at +19, also topping expectations for +16 and up from +15 in the three months prior.

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

Large industry capex for the current fiscal year is now seen higher by 7.7 percent, missing forecasts for a gain of 8.4 percent and down from 8.0 percent in the previous quarter.

The medium manufacturers' index moved up to +17 from +12, with an outlook for +13. The medium non-manufacturers' index climbed to +19 from +18, with an outlook of +14.

The small manufacturing index came in at +10, beating expectations for +8 and up from +7 in the second quarter. The outlook was +8, beating forecasts for +6, which would have been unchanged.

The small non-manufacturing index had a score of +8, beating forecasts for +7, which would have been unchanged from the previous three months. The outlook came in at +4, again topping forecasts for +2, which would have been unchanged.

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.

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