Japan
A mixed set of business surveys. The BoJ’s Tankan survey saw the headline DI for large manufacturers’ business confidence rise to +14 in September from +13 in June, the highest level since December 2024, and compared to a market forecast of +15. Non-manufacturing sentiment was unchanged at +34. Large companies expect to increase capital expenditure by 12.5% in the current fiscal year ending in March 2026, up from an 11.5% gain projected in June and above the market forecast for a 11.3% rise.
The S&P Global manufacturing PMI fell to 48.5 in September from 49.7 in August. The services PMI was little changed at 53, leaving the composite measure at 51.1 compared to 52 previously.
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