The BoJ’s quarterly Tankan survey showed notable worsening in manufacturer’s sentiments in Q2.

The Larger Manufacturing Index dropped to 21, down from 24 and missed expectation of 23. It’s also a second straight quarterly decline from Q4’s 26, the first time since 2012. Large Manufacturer outlook rose to 21, up from 20.

Large Non-Manufacturing index rose to 24, up from 23, beat expectation of 23. Large Non-Manufacturing Outlook rose to 21, up from 20 but missed expectation of 22.

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Large all industry capex rose 13.6%, beat expectation of 0.2%.

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