The Bank of Japan (BoJ) will release Q1 Tankan survey results on 1 April. Standard Chartered Research (SC) expects "the large manufacturers Diffusion Index to have improved to 14 (from 12 in Q4-2014) and the outlook to h…
The Bank of Japan (BoJ) will release Q1 Tankan survey results on 1 April. Standard Chartered Research (SC) expects "the large manufacturers Diffusion Index to have improved to 14 (from 12 in Q4-2014) and the outlook to have risen to 13 (from 9).:
Japanese yen (JPY) weakness likely boosted sentiment among large manufacturers, particularly exporters. However, SC adds that it "expect[s] small businesses to have remained uncertain as rising operating costs and subdued domestic demand weighed on their operations. We await USD-JPY forecasts for FY15 (year starting April 2015). USD-JPY forecasts for FY14 were raised four times to 103.36 in last year's survey."
SC forecasts "inflation expectations to have slid against the backdrop of declining oil prices. Although many BoJ members believe medium- to long-term inflation expectations will improve, core inflation (i.e., inflation excluding fresh food) excluding the sales-tax effect was 0% in February. This was the same as in May 2013, one month after the BoJ started its large asset purchases."c
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