Japan’s biggest firms are taking different views on the state of the economy as clouds gather over global growth while opened borders and relaxed restrictions offer renewed opportunities at home.
An index of confidence among the country’s biggest manufacturers edged down to 7 in December from 8, while the reading for large service sector and construction firms rose, according to the Bank of Japan’s quarterly tankan report released Wednesday. Both results were stronger than expected by economists. A positive figure means optimists outnumber pessimists.
The fourth straight quarterly fall for manufacturers was largely led by makers of oil and coal products, but the improvement in a range of other sectors suggested that firms’ pessimism wasn’t deepening across all sectors.