The Bank of Japan’s key economic indicator, the Tankan survey, showed improvement for the first time in three months, with the headline index for big manufacturers’ sentiment came in minus 8, compared to the minus12 reading in the previous quarter.
But the data came in slightly worse than market forecasts for -7. Analysts told CNBC that despite the weaker-than-expected figure, there’s reason to be optimistic.
“Back in December, the same people who wrote the survey said they expected the number to be -15. So, there has been a big change in expectations. It’s still an improvement so we shouldn’t be pessimistic about it,” said Takuji Okubo, principal and chief Economist at Japan Macro Advisors on “Asia Squawk Box.”
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