TOKYO - Japanese manufacturers' business confidence improved for the first time since August while service-sector mood rose for a second month, according to the Reuters Tankan poll, which also highlighted a challenging outlook amid a patchy economic recovery.
The monthly poll mirrored a similar improvement seen in the third quarter in the Bank of Japan's (BOJ) closely-watched quarterly tankan survey.
The latest Reuters Tankan, however, pointed to a tough quarter ahead even as confidence perked up in November with manufacturers' mood expected to hold steady over the coming three months while service-sector morale was seen deteriorating.
In the Reuters poll of 502 large- and mid-sized companies, in which half of them responded on condition of anonymity, many firms complained about higher import costs of raw materials and deterioration of Japan's key markets such as China.
The weak Japanese yen has been a major driver of cost-of-living pressures as it boosts the price of imported goods, while the broader economy has also been hampered by slow global growth, sharply higher rates abroad and geopolitical tensions pushing up the price of commodities. ...continue reading
