Business confidence rises in Japan

Confidence at major Japanese manufacturers improved for a fifth straight quarter thanks to a solidifying global recovery, the central bank said Thursday.

The Bank of Japan's quarterly "tankan" survey of business sentiment showed that the main index for large manufacturers stood at 1. Three months ago it hit minus 14.

The figure represents the percentage of companies saying business conditions are good minus those saying conditions are unfavorable. So the higher the number, the better the mood.

The result beat Kyodo news agency's average market forecast for a reading of minus 3.

The mood among big non-manufacturers climbed to minus 5 from minus 14 in December. The index for small and medium-size enterprises also improved.

The Bank of Japan surveyed a total of 11,411 companies between May 26 and June 30. More than 99 percent responded.