Japan’s large manufacturer Tankan survey fell to -12 from a previous reading of -3.
Economists were looking for the metric to fall to -10.
More to come…
SocGen’s Wei Yao was looking for a reading of -7.
“Large manufacturers probably suffered most from the political tension between China and Japan, and we think business conditions for them will have deteriorated to -7 from -3 in Q3, as Chinese consumers avoided purchases of Japanese products, especially Japanese automobiles,” wrote Yao in a note prior to the report.