Confidence in the economy among large manufacturers unexpectedly held up in the past few months, suggesting record corporate profits are compensating for uncertainty about the effects of an expected U.S. rate increase and the slowdown in China.

The tankan index of business sentiment was unchanged at 12 among big manufacturers in December, the Bank of Japan said Monday, slightly better than the median estimate of 11 in a Bloomberg survey. The index is projected to fall to seven in March. A positive number means there are more optimists than pessimists among manufacturers.

The data are the latest in a string of recent optimistic reports on Japanese economic growth and capital spending, supporting a view that additional monetary stimulus won't be imminent.