Japan big manufacturers' mood improves to 2-year high, BOJ tankan shows
TOKYO - Confidence among big Japanese manufacturers improved in the three months to June to reach levels unseen in two years, a closely-watched survey central bank showed, backing up on its view the economy is on track for a moderate recovery.
The headline sentiment index for big manufacturers rose to +13 in June from +11 in March, slightly exceeding a median market forecast for a reading of +12, the survey showed on Monday. The BOJ ended eight years of negative interest rates and other remnants of its radical monetary stimulus in March as it judged that sustained achievement of its 2% inflation target has come into sight.
While inflation has remained above the BOJ's target for two years, Japan's fragile economic recovery is clouding its rate hike path.
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