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The BOJ is scheduled to release the results of the June Tankan survey on 2 July and analysts at Nomura expect to see the current business conditions DI for large manufacturers come in at +22, off 2pt from the reading in the March survey.

Key Quotes

“We suspect that the threat of a US-China trade war and worries over an economic slowdown in China have taken a toll on sentiment among exporters, and we therefore expect manufacturers’ business confidence to remain in a holding pattern following the rapid run of improvement through the end of last year.”

“Meanwhile, we expect the current business conditions DI for large nonmanufacturers to come in at +23, unchanged from the reading in the previous survey.”

“We expect the future conditions DI for large manufacturers to come in at +20, 2pt below the current conditions DI, and expect the future conditions DI for large nonmanufacturers to come in at +21, also 2pt below the current conditions DI.”