Tankan All Industries Capital Expenditure (Capex)
Measures capital expenditure (capex) by all Japanese industries except the financial industry. Capital expenditure is an early indicator for production since companies usually make capital investments in order to expand operational productivity. Thus increasing capex figures can forecast economic growth, particularly if they are accompanied by high capacity utilization rates. The headline number is the annualized percentage change in spending from the previous quarter.

Tankan Large Manufacturers Index
Tracks overall business conditions for large manufacturing enterprises. The Tankan's main component, the Large Manufacturer's Index is indicative of the sentiment of leading manufacturing companies. The index uses zero as the centerline between positive and negative outlooks; the farther the value from zero the stronger the sentiment. High positive values signify favorable business conditions and suggest increased levels of production in the future. Low values suggest an ongoing or future contraction in the manufacturing sector. This measure is especially important for Japan because manufacturing firms are a primary driver of growth for the export-oriented economy.

Tankan Large Manufacturers Outlook
A forecast of the next quarter's Large Manufacturer's Index. The figure is a measure of future business expectations, providing an indication of economic trends based on factors like projected profits and capital investment. The headline number is the projected value of the Large Manufacturer's Index for the next quarter.

Tankan Non-Manufacturing Index
Reflects the prevailing sentiment of firms in the service sector on current business conditions. Business confidence among non-manufacturing firms, which conduct most of their business within Japan, reflects both the strength of domestic demand and the health of the non-export sector. The Non-Manufacturing Index is also important as a measure of overall economic health.

The index uses zero as a centerline between positive and negative outlooks; the further the value is from zero the stronger the sentiment. High positive figures are indicative of a healthy and growing domestic economy.

Tankan Non-Manufacturing Outlook
Forecasts the value of the Non-Manufacturing Index in the next quarter. The Non-Manufacturing Outlook is a good measure of future business expectations, providing an indication of economic trends based on factors like projected profits, capital investment, and consumer demand. The headline number is the projected value of the Non-Manufacturing Diffusion Index for the next quarter.

Relevance: Tends to move markets on release
Release Schedule: 23:50 (GMT); quarterly, on the first Monday after the period
Source of Report: Bank of Japan
Web Address: http://www.boj.or.jp/en/index.htm
Address of Release: http://www.boj.or.jp/en/theme/research/stat/tk/index.htm#r

Capex: Fixed Investment including Land Purchasing Expenses > Large Enterprises > All industries
Large Manufacturers Index: Business Conditions > Large Enterprises > Manufacturing > (Current survey period)
Large Manufacturers Outlook: Business Conditions > Large Enterprises > Manufacturing > (Next Quarter's Outlook)
Non-Manufacturing Index: Business Conditions > Large Enterprises > Nonmanufacturing > (Current Survey Period)
Non-Manufacturing Outlook: Business Conditions > Large Enterprises > Nonmanufacturing > (Next Quarter's Outlook)