BOJ Survey: Business Sentiment Improves for Sixth Consecutive Quarter

The Bank of Japan released its quarterly 'tankan' survey, showing large manufacturers' sentiment rose to 24 from 22. The report is considered a key indicator of Japan's economic vitality and marks the sixth consecutive quarter of improving business sentiment.

The survey also showed that large non-manufacturers' sentiment fell to 35 from 37. Despite challenges such as soaring oil prices, companies are foreseeing good conditions minus those feeling pessimistic.

The positive reading comes despite widespread issues in Japanese society, including the war in Iran affecting Japan's oil imports. Brent crude oil is currently trading at about $98 a barrel, lower than its peak of nearly $120 but still higher than before the conflict when it was below $70 a barrel.