The Japanese Tankan survey for the first quarter of this year improved from its previous levels, especially in the non-manufacturing sector. The large manufacturers index rose to a -14 level, as expected, from -24 in Q4 of 2009. Meanwhile, the large manufacturing outlook increased to -8 in Q1 from -18 previously in a move that was also in line with the consensus forecast. The non-manufacturing index rose to a -14 read, beating calls for an improvement to -18 from -22 in Q4. Similarly, the non-manufacturing outlook component rose to -10 in Q1, overarching calls for an increase to -15 from -19 previously. Following the upbeat data, the yen strengthened: USD/JPY sold off by over 0.2 yen to hit a new intraday low of 93.41.
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