Japanese business confidence near two-year high
AFP, July, 2007
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TOKYO (AFP) — Japanese business confidence held steady close to a two-year high and firms set aside more cash to invest in new plant and equipment, a key survey showed Monday, underpinning confidence in the economy.
The Bank of Japan's closely watched "Tankan" survey showed the business sentiment index for major Japanese manufacturers at 23 in June, unchanged from the previous survey in March and in line with market expectations.
A positive reading means confident firms outweigh the pessimistic ones. A figure of 23 indicates generally upbeat sentiment and is within sight of December's two-year peak of 25.
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Analysts said that the BoJ still looked set to raise interest rates again sometime in the next few months as the economy recovers from its long slump.
"Despite recent weakness in manufacturing output data, sentiment was solid at large enterprises," noted Morgan Stanley economist Takehiro Sato.
The survey ...
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