Japanese Stocks Tanking After Schizophrenic Tankan
Japanese stocks are confused this evening (whether good news is bad news or bad news is good news). The headline Tankan business conditions (soft-survey) beat expectations modestly (a la Europe's in the summer as it rode a wave of short-lived optimism) and pressing to 6 years highs (oh no - less QE?) But, the more forward-looking "manufacturing outlook" missed expectations by the most since March 2012. On the services side, things were worse, as the outlook there missed for the 11th quarter in a row. And the triple-whammy was the Capex spend missing expectations significantly (what no investment? where have we seen that before). The result - mixed news is bad news - Nikkei futures are down 150 from Friday's close and JPY crosses have drifted back lower.
Headlines are "good" but the details are "bad"
And stocks are disappointed...
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