Japan’s large manufacturers remained optimistic in Q1 though sentiment declined from the previous quarter, according to government data released on Thursday. The BSI survey of large manufacturers fell to a 4.3 level in the first three months of 2010 from 13.2 in the previous quarter. A reading above zero indicates that optimists outweigh pessimists. However, the all industry poll indicated increasing pessimism with the index falling to a -2.4 level from -1.9 in Q4 of 2009. Despite the downbeat data, the yen’s reaction was minimal – USD/JPY rose by only a handful of pips to 90.45.
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