Big downside risks to the Tankan

The risks to the markets from the Tankan seem to be skewed in just one direction

. If the results o fthe Q1 survey published on Friday are in line or slightly better than consensus, they could be dismissed as “old news” before the full impact of the earthquake has been felt. However, if a significant number of responses were completed after 11th 

March, the headlines from the Tankan could be shockingly bad.

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