Japan Business Sentiment Improved in First Quarter, but Outlook Not as Bright

Japan released its quarterly Tankan survey earlier today. The large manufacturer DI improved to +12 in 1Q17, from +10 in the prior quarter. However, this missed expectations of a bigger improvement to +14. The large non-manufacturer DI rose to +20, compared with consensus of +19% and 4Q16's +18, mainly driven by higher confidence in services and construction sectors.

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Japan Business Sentiment Improved in First Quarter, but Outlook Not as Bright