Japan companies less confident about business conditions – Reuters Tankan

Anil Panchal FXStreet

Early Wednesday morning in Asia, the latest Reuters Tankan survey showed that the sentiment at big Japanese manufacturers fell in July for the first time in six months while confidence at non-manufacturers - while still very robust - edged down for a second straight month.

The survey acting as a leading indicator for the Bank of Japan’s (BoJ) closely watched quarterly Tankan poll results flashed warning signs for the Japanese Yen (JPY) buyers.

That said, the sentiment gauge for the large manufacturers eases to 3.0 for July versus 8.0 for June whereas the index for non-manufacturers edges lower to 23.0 from 24.0 marked in the previous month.

Following the data, USD/JPY picks up bids to extend the previous day’s run-up to pierce the 139.00 round figure, up 0.17% intraday near 139.06 by the press time.

Also read: USD/JPY Price Analysis: Teeters around 138.00, cushioned by solid support as bulls target 139.00

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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