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Weaker BOJ Tankan Survey Offset by China PMI

Japan’s Nikkei share average rose on Tuesday as upbeat China factory reports offset some weak spots in the Bank of Japan tankan survey.

Big Japanese manufacturers’ business sentiment worsened in the three months to June but is poised to improve in the following quarter, the central bank survey showed.  The Nikkei was up 1.3 percent at 15,356.27 by late morning, nearing a five-month high of 15,442.67 hit last week.

China’s official factory data showed activity at a six-month high in June, while a private survey of small and medium-sized firms showed the first expansion in six months on stronger demand.  Market players said that the market largely shrugged off the BOJ tankan as a temporary dip in sentiment had been expected after a sales tax hike in April, and the economy is seen rebounding in the third quarter.

Reuters [1]

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