Business climate: PMIFavorable business climate. The Tankan survey reported an improvement in large manufacturing companies' sentiment (14, +1 point) in Q3, including in the motor vehicles sector (10, +2 points). The overall figure (all enterprises and all industries) remained stable (10). The Services PMI remained stable at a high level (53) in September, while the Manufacturing PMI (48.4, -1.3 pp) fell to a five-month low due to the first contraction in hiring (49.4, -2.5 pp) since November 2024 and a decline in output (47.3, -2.5 pp).
Household confidenceHousehold confidence improved in September, reaching its best annual result at 35.3 (+0.4 points). The increase was most pronounced in the propensity to purchase durable goods (28.8, +0.8 points).
