BoJ Survey: Japan Business Sentiment Improves for Sixth Straight Quarter

The Bank of Japan's quarterly 'tankan' survey has given a positive read on the economy, showing that large manufacturers' sentiment rose to 24 from 22. This marks the sixth straight quarter of improvement in business sentiment.

The survey also reported that large non-manufacturers' sentiment fell to 35 from 37. Despite these mixed results, companies are generally optimistic about future conditions.

The positive reading comes despite challenges such as soaring oil prices and the war in Iran, which has closed the Strait of Hormuz and affected Japan's oil imports. Brent crude is currently trading at around $98 a barrel, lower than its peak earlier but still higher than before the conflict.

The Bank of Japan has raised its benchmark interest rate twice this year to 1.25%, a three-decade high, in an effort to normalize monetary policy and combat inflation.