Japanese manufacturersmood improves

Japanese manufacturers are becoming steadily less pessimistic about economic conditions, with a Reuters poll issued yesterday showing them at their least gloomy since July 2008 as the economy recovers on the back of exports, particularly to emerging economies.

The monthly survey likely points to an improvement in the Bank of Japan's influential quarterly tankan business sentiment survey, which next comes out on April 1.

"I think companies are getting optimistic about exports. While there are some problems in Europe, much of Japan's exports now go to Asia, where risks are mostly on the upside," said Yoshimasa Maruyama, an economist at Itochu Corporation.

Service-sector companies remained more pessimistic than manufacturers, reflecting tame domestic demand in an economy mired in deflation.

 

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