Today we get the results of the Bank of Japan's Tankan Survey. Its a survey of manufacturing and service companies designed to assess business conditions in Japan.

  • The BOJ Tankan is conducted quarterly.
  • Its due at 2350GMT

Bank of Japan (BOJ) Tankan report for Q4:

  • Tankan Large Mfg Index: expected is 11, prior was 12
  • Tankan Large Mfg Outlook: expected is 11, prior was 10
  • Tankan Large Non-Mfg Index: expected is 23, prior was 25
  • Tankan Large Non-Mfg Outlook: expected is 22, prior was 19
  • Tankan Large All Industry Capex: expected is +10.2%, prior was +10.9%
  • Tankan Small Mfg Index: expected is -1, prior was 0
  • Tankan Small Mfg Outlook: expected is -2, prior was -2
  • Tankan Small Non-Mfg Index: expected is 2, prior was 3
  • Tankan Small Non-Mfg Outlook: expected is , prior was 1

The results today are expected on the whole to be subdued. Japanese business confidence is tenuous, with both slow domestic demand and concerns over China weighing. A brighter spot should be in the capex plans, which while they are expected to be below those of the previous quarter are nevertheless growing at a reasonable clip. Machine orders data has surprised to the topside already this month.

0430GMT - Industrial production for October (final)

  • For the m/m, the preliminary reading came in at +1.4%, prior was +1.1%
  • For the y/y, preliminary was -1.4%, prior was -0.8%

These revised industrial production figures will be a focus also, any surprise to the topside from the preliminary release will be a yen positive while a downside miss will weigh on the yen yet again.

Also at 0430GMT

  • Capacity utilization for October, prior was 1.5%
  • Tertiary Industry index (this indicates the value of purchases of services by businesses) for October, expected is +0.5% and prior was -0.4%