Big Japanese manufacturers remained pessimistic in April for a fourth straight month as jitters over Western banks added to slowing global growth, the monthly Reuters Tankan survey showed on Wednesday, dimming prospects for an export-led recovery.
However, it also showed the service sector mood improved for a second straight month to a four-month high, signalling a post-COVID economic recovery led by inbound tourism, which has boosted restaurants and retailers.
The Reuters Tankan, which closely tracks the Bank of Japan's quarterly key tankan survey, canvassed 493 big non-financial firms. About 240 firms responded during the April 5-14 period on condition of anonymity. "Our clients are taking a wait-to-see stance due to anxiety over the financial sector in the United States and Europe and a delay in recovery in Chinese demand," a manager of a paper/pulp company wrote in the survey."Private consumption has come back to life as a reaction against a pullback in demand caused by the coronavirus pandemic," a manager at a retailer wrote in the survey.
It was the longest such sequence since an 18-month run of negative sentiment through the start of 2021 in the wake of the COVID outbreak.The large service-sector firms' index edged up to plus 24 in April from plus 21 seen in the previous month, hitting the highest level since December. The index is expected to fall to plus 19 in July.
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