Sentiment among Japanese manufacturers moved into positive territory for the first time in two years in the three months to June on Monday, according to the Bank of Japan's main economic indicator, the Tankan survey.
The headline index for big manufacturers' sentiment came in at 4, exceeding analyst forecasts of a 3 reading, according to a Reuters poll. Monday's result was a dramatic 12 point rise from the previous quarter's result which came in at -8.
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Market watchers were hotly anticipating the results of the Tankan as a gauge of the effectiveness of 'Abenomics,' Prime Minister Shinzo Abe's policies of aggressive monetary stimulus, fiscal spending and structural reform, designed to revive the economy from 15 years of deflation and help achieve a 2 percent inflation target.