Reuters Tankan Poll: Manufacturing index hits highest since April 2014

According to the Reuters' monthly poll that tracks the Bank of Japan’s (BOJ key quarterly tankan manufacturing index, manufacturing index is expected to hit the highest levels since April 2014.

Key Points:

The Reuters poll was of 531 large- and mid-sized firms

Conducted between March 7-21

254 responded

Japan manufacturers index +25 in March vs +20 in February, up nine points from three months ago

Manufacturers index hits highest reading since April 2014

Non-manufacturers index +26 in March, unchanged from February, up seven points from three months ago

Manufacturers June index seen at +23, non-manufacturers +24

 Confidence among Japanese manufacturers rose for a seventh straight month

Led by materials firms such as oil refinery/ceramics, textiles/paper and steel/nonferrous metals

"Exchange rates are stable at around 115 yen, providing a good environment for our clients, many of whom are exporters," a manager at a nonferrous metals producer

Manufacturers cited stability in exchange rates, brisk demand for smartphones, and a pick-up in demand from China as factors underpinning their sentiment

Some companies were concerned about uncertainty over the outlook for global economy

Others complained about sluggishness in private consumption that constitutes about 60 percent of Japan's economy