July 1st, 2010
02:50 AM GMT
(CNN) – A key reading on business sentiment shows that optimism is on the rise in the country’s business sector. The closely watched Tankan survey is out, and it shows – for the first time in a long time – the country's big businesses are feeling good about the state of the economy.
The quarterly survey had a reading of plus one. Most economists were expecting a reading of minus four. That means optimists outnumber pessimists.
That’s in contrast to negative numbers out of Japan earlier this week, led by news that unemployment inched upward in May. Still, the results will likely come as welcome relief, particularly to exporters who have been hammered this week by a stronger yen.
Meanwhile, Chinese state media is reported that China’s Purchasing Managers’ Index (PMI) was at 52.1 percent. That’s down from 53.9 percent in May, a sign China’s red-hot economy is starting to cool.
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