Japanese manufacturers’ confidence climbed to its strongest level in more than three years in September, supported by easing trade tensions after Tokyo struck a tariff deal with Washington in July.
The Reuters Tankan survey showed the manufacturers’ index rose to +13 from +9 in August, marking a third straight monthly gain and the highest since August 2022. Sentiment is expected to soften slightly to +11 by December.The auto and transport machinery sector led the improvement, with its index jumping to 33, the best since late 2023, as firms reported steady overseas orders despite weak domestic production. Other industries such as textiles, oil refining and precision machinery were more downbeat, citing sluggish orders and the lingering impact of tariffs.
The non-manufacturing index rebounded to +27 in September from +24 in August, with real estate, retail and transport improving, though wholesalers and IT firms reported weaker conditions.
The outlook for December was steady at +27.Despite global trade uncertainty, Japan’s economy has been underpinned by solid consumption, with GDP expanding at an annualised 2.2% in Q2, according to revised data.
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