The Bank of Japan (BOJ) quarterly Tankan report - a survey of manufacturing and service companies designed to assess business conditions in Japan. For Q1:

Tankan Large Manufacturing Index: 6

  • expected 8, prior was 126

Tankan Large Mfg Outlook: 3

  • expected 7, prior was 7

Tankan Large Non-Mfg Index: 22

  • expected 24, prior was 25

Tankan Large Non-Mfg Outlook: 17

  • expected 20, prior was 18

Tankan Large All Industry Capex: -0.9%

  • expected -0.7%, prior was +10.8%

Tankan Small Mfg Index: -4

  • expected -2, prior was 0

Tankan Small Mfg Outlook: -6

  • expected -5, prior was -4

Tankan Small Non-Mfg Index: 4

  • expected 4, prior was 5

Tankan Small Non-Mfg Outlook: -3

  • expected 1, prior was 0

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Whew ... that's a lot of numbers.

And the yen is going nuts. Ha. As if.

Some comments on the results from the Bank of Japan:

  • Emerging markets slowdown likely behind the worsening of big manufacturers sentiment
  • Some firms are foregoing capex due to global economic uncertainty, but no sign capex is losing momentum

On "no sign capex is losing momentum". What the ...?

It came in at -0.9% from +10.8% previously ...

I'll have what he's smoking.

OK, lets do some interpretation ... (spoiler alert, it ain't good)

  • That large manufacturers index reading is pretty awful, the lowest level since June of 2013. It's the first worsening for 6 quarters (a year and a half), but what a doozy.
  • The large non-manufacturers index meanwhile, well, that's at its lowest since March of last year