Bank of Japan Tankan Survey Shows Large Manufacturers' Sentiment Rising for Sixth Straight Quarter

The Bank of Japan's quarterly "tankan" survey Thursday showed large manufacturers' sentiment rose to 24 from 22, the sixth consecutive quarter of improvement, even as large non-manufacturers' sentiment fell to 35 from 37. The survey measures the difference between companies expecting good conditions and those expecting poor ones. The reading comes amid pressure from soaring oil prices, with the war in Iran effectively closing the Strait of Hormuz, a key source of Japan's oil imports. Brent crude is trading around $98 a barrel, down from nearly $120 but above pre-war levels below $70. The BOJ raised its benchmark rate twice this year, in June and September, to 1.25%, a three-decade high, citing a weak yen and higher prices. The yen remains weak near 160 per dollar, up from 110-yen levels five years ago.