BOJ Survey: Japan's Business Sentiment Up for Sixth Consecutive Quarter

The Bank of Japan's quarterly 'tankan' survey has revealed an uptick in business sentiment for large manufacturers, reaching 24 from 22. This positive reading marks the sixth consecutive quarter of improvement in business sentiment.

The report also noted a decline in sentiment among large non-manufacturers, falling to 35 from 37. Despite these fluctuations, companies remain optimistic about future prospects, with more foreseeing good conditions than those feeling pessimistic.

The survey was conducted despite widespread challenges facing Japan, including soaring oil prices and the ongoing war in Iran, which has effectively closed the Strait of Hormuz. The price of Brent crude has risen to around $98 a barrel, although this is lower than the nearly $120 it reached earlier.