Japan's Business Sentiment Improves Despite Soaring Oil Prices

The Bank of Japan's quarterly 'tankan' survey has provided a positive read on the economy, showing that large manufacturers' sentiment rose to 24 from 22.

This marks the sixth straight quarter that business sentiments have improved, according to the survey.

However, despite this positive trend, companies are facing challenges such as soaring oil prices and a weak Japanese yen.

The war in Iran has effectively closed the Strait of Hormuz, where Japan had previously received most of its oil imports, causing Brent oil prices to rise to nearly $98 a barrel.