Confidence among Japan¡¯s large manufacturers has risen to the highest level in four years, reinforcing market expectations for the Bank of Japan to raise interest rates this week.
The business sentiment index advanced to 15 this month from 14 in September, the BOJ¡¯s quarterly tankan business survey showed Monday. The result matched the median economist forecast in a Bloomberg poll.
The gauge for large nonmanufacturers held at 34, remaining near the strongest level since the early 1990s. A positive reading means more firms view conditions as ¡°favorable¡± than ¡°unfavorable.¡±
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