3 July 2023 (Japan) The Bank of Japan released its latest survey on the Business and Industrial mood in the country. Major Industries are sensing an improvement in the business climate for the first time in six quarters. The BOJ’s Taxan Index jumped to 5 from a previous reading of just 1 (index values). It surpassed analysts’ expectations and reflected a reduction in supply chain inflation. Japan’s most significant industries feel more confident in their ability to source raw materials and components at a reasonable cost. Unfortunately, mid-size and small manufacturers don’t share that optimism, as their outlook remains guarded.