Japanese Business Sentiment Rises for Sixth Straight Quarter

The Bank of Japan released its quarterly 'tankan' survey on Thursday, showing business sentiment among large manufacturers rose to 24 from 22. This marks the sixth straight quarter of improvement in business sentiment.

However, the report also noted that sentiment among large non-manufacturers fell to 35 from 37. The survey asks companies to rate their current and future conditions minus those feeling pessimistic.

The positive reading comes despite challenges such as soaring oil prices due to the war in Iran, which has effectively closed the Strait of Hormuz where Japan previously received most of its oil imports. Brent is currently trading at around $98 a barrel, lower than its peak of nearly $120 earlier but still higher than before the war.