Reuters tankan (September), both manufacturing and non-manufacturing indexes drop

Manufacturers’ sentiment index +18 ( a 5-month low) vs August +33 (a 3.5 year high)

  • Service sector index -2 in Sept vs +5 in Aug

Info via Reuters report (in summary):

  • export-reliant firms such as carmakers suffered from a global chip shortage
  • the bleaker view on current conditions suggests Japan’s economic growth may slow in the third quarter
  • companies are struggling with sluggish demand both at home and abroad as a slowdown in China and emerging markets clouds the outlook
  • firms reported the deepening impact of a global chip shortage, as activities and broader demand continued to be hobbled by the health crisis, with some saying they were suffering from higher raw material prices


  • manufacturers’ business confidence was seen largely stable at 19 in December
  • service sector firms was expected to rise to 7

The Reuters tankan report is monthly and is aimed at pre-empting the Bank of Japan’s own tankan report, which is quarterly. 

  • The next BOJ quarterly survey is due on October 1

Reuters survey was of 503 big and mid-sized companies

  • conducted between September 1 and 10
  • readings are calculated by subtracting the percentage of respondents who say conditions are poor from those who say they are good. A positive reading means optimists outnumber pessimists.

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