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Japanese business confidence has soared to a six-year high, the Bank of Japan said Monday, underscoring growing optimism among major companies.
The central bank's quarterly Tankan survey surged to its strongest level since December 2007, with a reading for large manufacturers rising to plus 16 from plus 12 in its September survey.
The non-manufacturers' index also jumped to plus 20 from plus 14, the best reading in more than six years.
The upbeat survey comes as some analysts expect the Bank of Japan, which holds a meeting this week, to unleash further monetary easing measures to boost the world's third-largest economy after growth in the third quarter slowed.
© (c) 2013 AFP
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Onniyama
Ok. So when is minimum wage going up to 1000 Yen/hr? When are we all getting a raise? My company is installing faster assembly lines so that they can layoff 50 or 60 people. So forgive me for not getting excited about this rubbish that is written in the news every week. Who cares?
movieguy
You're right Onniyama! Just reading this, isn't it obvious that they SHOULD BE confident? I mean, every decision Abe et al make is to benefit their business and political friends monetarily. Yeah, yeah, I know people THINK if companies are doing well that means the worker will be doing well, but all this means is that vicious cycle is going coming again when companies are going to be saying that "demand and orders are up" and this will be cause to make workers work more and then they'll claim there aren't enough skilled workers to hire to meet the demand which means workers will have to work more. Like Onniyama mentioned when will everyone get a raise? They won't.
After this latest catchphrase of Abenomics doesn't work, we'll be at the other side of the circle where workers will still have to work more, but it will because they will claim "demand and orders are down," but they will be letting workers go then and the remaining workers will have to work more to pick up the slack for the workers they let go and those workers who are picking up the slack still will not be getting raises as has been the case these past 20 years.
homleand
Abe should have been person of the year! Another year from now and Japan will be surging ahead once again.
fxgai
Onniyama,
The minimum wage will go up when the politicians go over the top and start thinking that it's a good idea for a table full of central planners to instruct all employers and employees about the details of such agreements they make between themselves.
Yeah... Why should the government NOT be making itself a part of everyone else's business?
movieguy,
If demand and orders indeed go up but the labour market is tight, then wages will have to go up, or workers will take their labour elsewhere. If one's wages don't go up, but indeed demand and orders are up, some workplaces somewhere must be doing better and be in need of extra help.
If there is a problem, it's likely that Japan's inflexible labour laws mean companies have internally enough "unemployed" staff to be able to cover their needs.
OneHapa
The economy is not out of the woods yet, and the verdict is still out on Abenomics, but this news is better than the alternative.
StormR
Good news as some already expected, still along way to go but at least its heading in the right direction after being in the doldrums and nose diving back in 08.
But the pessimists still bang that old empty drum, nothing has changed with that.