September 30, 2019 / 11:59 PM / 22 days ago

Japan big manufacturers' mood worsens - BOJ tankan

TOKYO, Oct 1 (Reuters) - Business confidence at big Japanese manufacturers worsened in the three months to September to its lowest level in six years, the central bank’s “tankan” survey showed, a sign rising global risks are taking its toll on the export-led economy.

The headline index for big manufacturers’ sentiment stood at plus 5 in September, versus plus 7 in June, the closely watched survey showed on Tuesday. It compared with economists’ median estimate of plus 2 in a Reuters poll.

It was the lowest reading since June 2013 when it was at plus 4.

The index is seen slipping further to plus 2 over the next three months.

The survey also showed big firms plan to raise their capital expenditure by 6.6% in the financial year to March 2020, versus economists’ median estimate of a 7.0% increase.

The tankan’s sentiment indexes are derived by subtracting the number of respondents who say conditions are poor from those who say they are good. A positive reading means optimists outnumber pessimists.

For the POLL story on the survey:

Survey results on the BOJ's website: here (Reporting by Leika Kihara and Tetsushi Kajimoto; Editing by Chris Gallagher)

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