The slight rise in business conditions across all firm sizes in the latest Tankan suggests that the robust rebound in activity in Q2 will continue into Q3. The Tankan’s headline index of business conditions for large manufacturers remained at +13, which is the highest in two years. Meanwhile, conditions for large non-manufacturers rose anew from +33 to +34, the same as in Q1, which marks its joint highest point since the early 1990s. Across all firm sizes and industries, business conditions rose to 14, consistent with our forecast that GDP rose by 0.4% q/q last quarter.
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