Major Japanese manufacturers'
business sentiment returned to positive levels in September as carmakers
recovered from the impact of the March disasters, the central bank said in its
Tankan survey on Monday.
The first return to positive sentiment since March came
despite the impact on exporters of a yen hovering near record highs and
deepening concerns over the eurozone sovereign debt crisis and a slowdown in
the United States.
Large manufacturer sentiment in September rose to two from
minus nine in June, the quarterly survey showed, slightly lower than a market forecast
of three. The sentiment of medium and small-sized firms remained negative.
The figures represents the percentage of companies saying
business conditions are good minus those saying conditions are bad. The survey
is taken into account by the BoJ when formulating monetary policy.
The rebound was driven by a large upswing in confidence for
Japan's automakers, whose output recovered from heavy disruption caused by the
earthquake and tsunami to component networks and power supplies.
Large automakers' sentiment improved from minus 52 in June to
13 in September, the survey showed.
The March disasters devastated entire towns along the
northeast coast and left 20,000 people dead or missing while wreaking havoc on
Japanese industry.
The nation's biggest firms such as Sony and Toyota were
forced to shutter plants and halt production due to shortages in electricity
and parts after the disaster disrupted supply chains, sending production and
exports tumbling.
Source : AFP
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