Japan manufacturers' mood tacks on to 11-year maximum

Japan manufacturers' mood tacks on to 11-year maximum

In January, confidence among Japanese manufacturers rallied to an 11-year maximum, as the Reuters Tankan survey unveiled on Monday, showing corporate optimism powered by almost two years of uninterrupted economic expansion as well as a buoyant stock market.

The monthly survey, tracking the BOJ’s closely-watched tankan quarterly poll, followed a major indicator of capital spending out the previous week disclosing Japan Inc's willingness to spend some of their enormous cash reserve, driving a virtuous cycle of investment, growth and consumption.

The upbeat data should back the confidence of the key financial institution braced for issuing a rosy view of the Japanese economy at its two-day policy-setting gathering on Tuesday.

Global demand for cars and electronics, stability in currencies as well as capital expenditure were labeled as crucial factors behind bullish manufacturing sentiment observed in the Reuters survey of 547 mid-sized and large businesses.

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