Sentimental value

The Bank of Japan's Tankan sentiment indicator turned negative for the first time in five years in the third quarter, a particularly negative indicator for those who view economic growth as structurally export-led. Tankan sentiment was weaker across the board, not only in manufacturing (-3 versus expectations of -2) but also in non-manufacturing, where current conditions barely remained in positive territory in the third quarter, up one versus 10 previously. The slowdown in all industry capital

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