Sentiment among Japan’s big manufacturers held steady in the first quarter as companies remained pessimistic about the economy, the Bank of Japan’s Tankan survey showed on Wednesday.
The headline big manufacturers index remained unchanged from the previous quarter at +12, below expectations for a reading of +14 in a Reuters poll.
Looking ahead, the second-quarter outlook for big manufacturers came in at +10, below expectations for a reading of +16. “The numbers tend to be pretty conservative. Japanese companies tend to shoot low and then achieve high,” Peter Boardman, managing director of Tradewinds told CNBC.