mcloudy.png
Wednesday December 8th, 2021 2:43PM

Bank of Japan 'tankan' survey upbeat over economic recovery

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — A closely watched economic survey by the Bank of Japan shows growing optimism as the world’s third-largest economy grapples with the damage from the coronavirus pandemic.

The quarterly “tankan” survey’s headline index for big manufacturers’ sentiment stood at plus 5 in March, a considerable improvement over the minus 10 marked in December, and more positive than the forecast at plus 4.

The survey's results highlight a steady recovery in sentiment over the last three quarters, to levels before COVID-19 began in late 2019.

The tankan measures corporate sentiment by subtracting the number of companies saying business conditions are negative from those responding they are positive.

Sentiment among large nonmanufacturers improved by four points to minus 1, underlying how that sector is bouncing back far more slowly than big manufacturers.

Naoya Oshikubo, senior economist at SuMi TRUST, or Sumitomo Mitsui Trust Asset Management, said he believes the recovery is slower in the service sector because of government-backed “states of emergency” issued periodically, with the latest ending in March.

Exports have led the recovery, while the food, travel and accommodation sectors have stalled. But the overall impact will be gentler than last years’ because the latest emergency only applied to some parts of Japan, Oshikubo said in a report this week.

“And, in general, people have become accustomed to COVID-19 measures,” he said.

The coronavirus sent sentiment in Japan Inc. plunging last year to levels last seen when the economy was battered by the financial crisis more than a decade ago.

Although trade and some economic activity have been recovering, income from tourism, a major driver for growth in recent years, is still squelched because of pandemic-related restrictions.

Some 9,100 people have died from COVID-19 in Japan. The vaccine rollout has barely begun, with less than 1% of the population inoculated.

With cases rising recently in a “fourth wave,” worries are growing about the Tokyo Olympics, set to open in July, with tens of thousands of people, including athletes, business and government officials and media, entering the country from abroad.

___

Yuri Kageyama on Twitter https://twitter.com/yurikageyama

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
7 convicted in Hong Kong over 2019 pro-democracy protests
Seven pro-democracy advocates have been convicted for organizing and participating in an unlawful assembly during massive anti-government protests in 2019, as Hong Kong continues its crackdown on dissent
11:13PM ( 28 minutes ago )
Niger government confirms military coup attempt thwarted
Niger's government says that an attempted military coup was thwarted overnight at the presidential palace by security forces
11:10PM ( 32 minutes ago )
New GOP-led voting restrictions head to key vote in Texas
Texas Republicans are setting out to begin passing sweeping new voting restrictions in America's biggest red state
11:10PM ( 32 minutes ago )
Associated Press (AP)
EXPLAINER: Questions remain about conditions of migrant kids
The Biden administration, under pressure to be more transparent, opened its main holding center for migrant children in Donna, Texas, to journalists for the first time this week
9:23PM ( 2 hours ago )
The Latest: Magazine says Palin tests positive for virus
People magazine reports that former Alaska Gov. Sarah Palin says she tested positive for the coronavirus and is urging people to guard themselves in the pandemic, such as wearing masks in public
9:08PM ( 2 hours ago )
Johnson & Johnson COVID-19 vaccine batch fails quality check
Johnson & Johnson says a batch of its COVID-19 vaccine failed quality standards and can’t be used
8:58PM ( 2 hours ago )
AP Business
S&P 500 climbs, closing out its 4th straight quarterly gain
Stocks closed mostly higher on Wall Street, clinching the 4th straight quarterly gain for the S&P 500
5:02PM ( 6 hours ago )
Wall Street ticks higher, led by tech and smaller stocks
U.S. stock indexes are mostly rising in afternoon trading Wednesday as investors wait to hear the details about Washington’s next mammoth push for the economy
3:49PM ( 7 hours ago )
Eager to build infrastructure, Biden plans to tax business
President Joe Biden wants $2 trillion to reengineer America’s infrastructure and expects the nation’s corporations to pay for it
3:23PM ( 8 hours ago )
AP Business - Economy
Global shares fall despite strong China factory data
Global shares are mostly lower despite data pointing to a strong economic recovery in China, as worries linger about the pandemic
4:50AM ( 18 hours ago )
Asia shares fall on virus worries, despite strong China data
Asian shares are mostly lower despite data pointing to a strong economic recovery in China, as worries linger about the coronavirus pandemic
3:12AM ( 20 hours ago )
Asian shares mixed on China rebound, pandemic worries
Asian shares are mixed as data pointed to a strong economic recovery in China while worries linger about the coronavirus pandemic
12:03AM ( 23 hours ago )
AP Business - Financial Markets
7 convicted in Hong Kong over 2019 pro-democracy protests
Seven pro-democracy advocates have been convicted for organizing and participating in an unlawful assembly during massive anti-government protests in 2019, as Hong Kong continues its crackdown on dissent
11:13PM ( 28 minutes ago )
Niger government confirms military coup attempt thwarted
Niger's government says that an attempted military coup was thwarted overnight at the presidential palace by security forces
11:10PM ( 32 minutes ago )
New GOP-led voting restrictions head to key vote in Texas
Texas Republicans are setting out to begin passing sweeping new voting restrictions in America's biggest red state
11:10PM ( 32 minutes ago )
Biden announces huge infrastructure plan to 'win the future'
President Joe Biden has outlined a huge $2.3 trillion plan to reengineer the nation’s infrastructure over the next eight years
10:59PM ( 42 minutes ago )
The Latest: 6 more COVID cases found in local China outbreak
Health officials in China say six more people have become ill with COVID-19 in a southwestern Chinese city on the border with Myanmar
10:47PM ( 54 minutes ago )