Japan FY15 capex plans revised sharply upward

The most encouraging takeaway from the Japan June BoJ Tankan was the FY15 capex forecasts. Large companies as a whole sharply revised up to 9.3% y/y from -1.2% in March.

For a June Tankan survey, this marked the strongest forecast since FY06. Manufacturers led the way.

"Large manufacturers now expect capex to increase by 18.7% y/y in FY15", says Barclays.