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Big manufacturers in Japan remained gloomy

Big manufacturers in Japan remained gloomy | 23 February 2023

23 February 2023, USD/JPY

Big manufacturers in Japan remained gloomy

USDJPY trading plan:

Big manufacturers in Japan remained gloomy in February and the service-sector mood slid for a second straight month, a Tankan poll showed, a sign that the global slowdown is holding back the country's recovery from COVID-induced economic doldrums. The monthly, which closely tracks the Bank of Japan's key tankan quarterly survey, found the sentiment index for big manufacturers stood at -5 in February, little changed from the prior month's -6. The mood in the service sector slid for a second straight month to 17, down from a three-year high of +25 seen in December and underlining concerns about private consumption, which accounts for more than half the Japanese economy.

Investment idea: buy 134.60 and take profit 135.20.

David Johnson
Analyst of «FreshForex» company
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