In a new report, Morgan Stanley analyst Takeshi Yamaguchi looked at the latest economic numbers out of Japan heading into October. It’s no secret that Asian rival China has been dealing with economic struggles in recent months, but has the weakness spilled over to Japan?

The Numbers

The diffusion index (DI) of Tankan large manufacturing enterprises came in at 12 for September, while the DI of non-manufacturing large enterprises came in at 25.

“Overall, the Tankan data seem resilient, as large non-manufacturers DI unexpectedly improved, while large manufacturers DI fell only marginally,” Yamaguchi noted.

He added that DI for economic trend-sensitive SMEs came in within the expected range.

Monetary Policy Impact

Yamaguchi believes…

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