The Bank of Japan's quarterly survey on business sentiment should have given the central bank fresh evidence of an economic recovery and justification for ending its "zero-interest-rate" policy.
The survey, taken in June and released Tuesday, found that major corporations were painting a bright picture of earnings and saying they would increase capital spending for the current business year.
Undercapitalized companies, too, began sounding an optimistic note on their earnings prospects. The "tankan" survey came amid speculation the BOJ might be preparing to end its ultraeasy money policy.