BoJ Tankan: Big Manufacturers Index -48

(RTTNews) - Confidence in Japan’s large manufacturers improved in the second quarter for the first time since Dec 2006, the Bank of Japan said on Wednesday in its quarterly Tankan Survey - but the gains were not as much as expected.

The diffusion index for big manufacturers posted a score of -48, which was up from the record low -58 in the previous quarter but shy of forecasts for -43. The outlook for the third quarter shows -30 versus expectations for -34 following -51 in the previous three months.

The big non-manufacturers index came in at -29, while small manufacturers were -57 and small non-manufacturers were at -44.

Also, the data showed that big companies are expecting to cut capital expenditures by 9.4 percent - sharply worse than the 6.9 percent decline analysts had been expecting. Capex was down 6.6 percent in the first quarter.

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