Govt close to finalising the economic relief package
Fundamental Forex Analysis

Japan manufacturers’ business mood worsens again on pandemic woes – Reuters Tankan Survey

According to the latest monthly Reuters Tankan survey, released on Wednesday, the Japanese business morale remains dented by rising worries over the impact of the coronavirus pandemic on the economy.

Key findings

Japan manufacturers index -46 in June vs -44 in May.

Reuters Tankan manufacturers’ index remains at the lowest level since June 2009.

Japan non-manufacturers index -32 in June vs -36 in May.

Reuters Tankan non-manufacturers’ index edges up from more than decade lows.

Japan manufacturers September index seen at -35, non-manufacturers -29.

“Orders have fallen to around 70% due to global economic stagnation caused by the spread of the new coronavirus,” a manager at a transport equipment maker noted in the survey.

Market reaction

The downbeat survey has little to no impact on the yen, as USD/JPY keeps its range play intact around 107.35 so far this session.

Source Link