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- Japan manufacturers' mood slips to 15-month low in May – Reuters Tankan Poll
Japan manufacturers' mood slips to 15-month low in May – Reuters Tankan Poll
Japanese manufacturers have become the least optimistic in more than a year about business conditions as firms struggled with rising import costs due to a weak yen and higher raw material prices, the Reuters Tankan poll for May showed on early Wednesday.
Additional findings
The Reuters Tankan sentiment index for manufacturers fell to 5 in May from 11 a month earlier, its lowest since February last year. The service index rose to 13 from 8, hitting its highest since February 2020.
The monthly poll, which tracks the Bank of Japan’s (BOJ) closely watched “tankan” quarterly survey, found confidence was likely to become less optimistic for both manufacturers and non-manufacturers over the coming three months.
The service-sector mood recovered to its most positive level since the start of the COVID-19 pandemic in early 2020 as the world’s third-largest economy shook off more of the drag from the coronavirus, which has made consumers cautious about spending.
The poll of 499 big and mid-sized companies conducted from April 26 to May 13, of which 236 responded, showed firms faced headwinds from persistently high raw material costs and Chinese coronavirus lockdown measures.
Market reaction
Following the news, USD/JPY picks up bids to renew intraday high around 129.50, following a sluggish daily performance.
Read: USD/JPY bulls stand their ground as US equities close higher
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