Japan Big Manufacturing Outlook Slips in Sign of Omicron Concern By Bloomberg

Japan Big Manufacturing Outlook Slips in Sign of Omicron Concern

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(Bloomberg) -- Confidence among Japan’s large manufacturers held at the highest level since 2018 but slippage in the outlook signaled that the omicron variant has clouded views on the country’s economic recovery.

Sentiment among big makers of products stayed at 18 this month, while an index of the outlook slipped to 13, according to the Bank of Japan’s quarterly Tankan survey released Monday. The index subtracts the percentage of pessimists from the percentage of optimists.

The Tankan offers a key piece of information for BOJ policy board members as they decide the fate of a special Covid funding program as early as Friday. Deputy Governor Masayoshi Amamiya said last week that economic uncertainty is extremely high partly due to the emergence of the new variant.

Until the emergence of omicron, Japanese businesses had seen reasons for more optimism compared with the summer. Infection cases at home and a continued economic recovery in their main export destinations from U.S. to China had given cause for guarded bullishness.

Prime Minister Fumio Kishida also likely helped buoy corporate sentiment by unveiling a larger-than-expected economic package last month offering record fiscal support for the economy.

The Tankan survey was taken from Nov. 10 to Dec. 10, so at least some of the businesses responding factored omicron into their answers. The variant was flagged as a variant of concern on Nov. 26.

A separate report Monday from the Cabinet Office showed orders for Japanese machinery rose for the first time in three months. Bookings are a signal of planned capital spending.

(Adds survey details.)

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