According to the BoJ’s Tankan survey in Q4, large manufacturing index was unchanged at 18, below expectation of 19. Large manufacturing outlook dropped from 14 to 13, below expectation of 19.
Non-manufacturing index rose sharply from 2 to 9, well above expectation of 6. That’s the highest reading since December 2019. Non-manufacturing outlook also rose from 3 to 8, but missed expectation of 10.
Output price index for large enterprises jumped from 10 to 16, highest since the 1980s. Input prices index also rose from .37 to 49, highest since 2008.
Large firms are expecting to increased capital spending by 9.3% in the year ending in March 2022, lower than expectation of 9.8%.
Also released, machine orders rose 3.8% mom in October, above expectation of 2.1% mom. That’s the first rise in three months.
