Bank of Japan survey shows manufacturers optimistic about economy, as inflation abates | Canada News Media
Connect with us

Economy

Bank of Japan survey shows manufacturers optimistic about economy, as inflation abates

Published

9 months ago

 on

BANGKOK (AP) — The Bank of Japan’s quarterly survey on business sentiment shows large Japanese manufacturers have grown more optimistic in the past several months, the third straight quarter of improvement even while other data showed the economy in a contraction.

The central bank’s “tankan” survey, released Wednesday, measured business sentiment among major manufacturers at plus 12, up from plus 9 in October and plus 5 in June.

Article content

The tankan survey, conducted every three months, measures corporate sentiment by subtracting the number of companies saying business conditions are negative from those replying they are positive. It’s considered a leading indicator of future trends in the world’s third-largest economy.

The survey showed sentiment among major non-manufacturers rose 3 points to plus 30 from plus 27 in the previous survey. It was the seventh consecutive quarter of improvement and the most positive result in about three decades.

A recovery of foreign tourism and a resurgence of business activity and domestic travel after the bleak days of the pandemic have contributed to a rebound in retail and leisure activities.

However, high borrowing costs in the U.S. and other major markets have crimped demand for Japanese exports, dragging on growth.

Updated data released on Friday showed Japan’s economy shrank by 2.9% year-on-year in the July-September quarter, worse than estimated earlier.

“The continued improvement in the ‘tankan’ suggests that the drop in Q3 GDP was just a blip, but we still expect GDP growth to slow sharply next year,” Marcel Thieliant of Capital Economics said in a note to clients.

The tankan’s projection of business sentiment three months from now among large manufacturers showed they expect conditions to deteriorate, falling 4 points to plus 8. Non-manufacturers also were pessimistic, with the forecast falling 6 points to plus 24.

The Bank of Japan’s stance on its monetary policy is keenly watched, with many market observers increasingly expecting it will shift away from its longstanding negative interest rate policy in coming months.

No major moves are expected at a policy meeting that will wrap up on Dec. 19. Recent price data suggest an easing of inflationary pressures and that could leave the central bank less likely to change gears and raise interest rates out of concern that the economy may slow further.

Share this article in your social network

 

Source link

Related Topics:
Continue Reading

Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

2 days ago

 on

September 13, 2024

By

 

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

Statistics Canada reports wholesale sales higher in July

Published

3 days ago

 on

September 13, 2024

By

 

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

3 days ago

 on

September 12, 2024

By

 

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending

Exit mobile version