Japan's Manufacturers See Eight-Year High in Confidence

Japan's largest manufacturers have seen their confidence levels rise to an eight-year high, according to the Bank of Japan's quarterly Tankan business survey. The sentiment index climbed to 24 in September from 22, marking a sixth consecutive quarter of improvement.

The BOJ's data is closely watched by economists and analysts, who had forecasted a rise in the gauge to 25. However, the actual figure came in lower than expected, at 24.

The increased optimism among Japan's large manufacturers could support the Bank of Japan's decision to continue raising interest rates. The BOJ has been gradually tightening monetary policy over the past year, and this latest data suggests that its efforts are bearing fruit.