Japan Macro: BOJ Tankan Analysis

The June Tankan survey reported strong improvements in business conditions for both large manufacturers and nonmanufacturers. Consequently, the BOJ is expected to maintain a steady, gradual pace of rate hikes.

Key Takeaways

• 1.The June Tankan survey showed improved business conditions for large manufacturers (+22) and nonmanufacturers (+37), the latter reaching its highest level since 1991.
• 2.Despite rising input costs and inflation projections, the BOJ is expected to continue with gradual rate hikes of roughly one every six months.

Table of Contents

• What the BOJ Tankan tells us about the background to the ongoing equities rally, and possible implications for monetary policy
• Important Disclosure Information
• Analyst Certification
• Disclaimer

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