Japanese business sentiment improved in the second quarter as raw material costs peaked and the removal of pandemic curbs lifted factory output and consumption, a central bank survey showed, a sign the economy was on course for a steady recovery.
Companies expect to increase capital expenditure and project inflation to stay above the Bank of Japan's 2% target five years ahead, the quarterly "tankan" showed, offering policymakers hope that conditions for phasing out their massive monetary stimulus may be gradually falling into place.
The sentiment index for big non-manufacturers improved to plus 23 in June from plus 22 three months ago, increasing for the fifth straight quarter and hitting the highest level since June 2019, the survey showed on Monday. Large firms plan to ramp up capital expenditure by 13.4% in the current fiscal year ending in March 2024, exceeding the 3.2% increase projected in the March survey. The increase compared with a median market forecast for a 10.1% rise.
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