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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
JapanJapan Tankan Small Non-Manufacturing Outlook held to -2 in November 2016
FMPMonthlyReleased December 2016
Japan Tankan Small Non-Manufacturing Outlook held to -2 in November 2016, released December 2016. The reading missed the -1 consensus by 1.
Latest Release
-2.000000
Actual
-1.000000
Consensus
-2.000000
Previous
Sigmacast Track Record
Sigmacast track record will appear here once this indicator has been released 3+ times since Sigmanomics began tracking.
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| USD/JPY | ▼ Inverse | −0.50 | FOREX | Moves against | → View |
| EUR/JPY | ▼ Inverse | −0.45 | FOREX | Moves against | → View |
| Nikkei 225 | ▲ Direct | +0.45 | INDEX | Moves with | → View |
| GBP/JPY | ▼ Inverse | −0.40 | FOREX | Moves against | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Tankan Small Non-Manufacturing Outlook (Japan) was reported at -2.00 in December 2016. This missed the market consensus of -1.00 by 1.00. The reading was unchanged from the previous release. This is classified as a medium-impact indicator released on a monthly basis.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with USD/JPY (Bullish JPY). A secondary relationship exists with EUR/JPY, negatively correlated (Bullish JPY).
WHAT TO WATCH NEXT
Same-country events in the next 14 days include CFTC JPY speculative net positions (Sep 11) and Exports YoY (Sep 15).
Auto-generated from current model state · Refreshes on each release · Last update December 2016.
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Tankan Small Non-Manufacturing Outlook - JP
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About Tankan Small Non-Manufacturing Outlook — Japan
DEFINITION
The Tankan Small Non-Manufacturing Outlook is a key financial indicator that measures the sentiment and expectations of small businesses in the non-manufacturing sector in Japan. It provides valuable insights into the overall health and growth potential of the country's service industry, which plays a significant role in its economy. This indicator is closely monitored by investors and analysts as it can impact market trends and inform business decisions.
WHY THIS INDICATOR MATTERS
This release contributes to the broader macro picture used by cross-asset investors for positioning and risk management. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Oct 2016): actual -2, consensus -1.
WHAT'S NEXT
This indicator correlates most strongly with USD/JPY (Bullish JPY, r=-0.50) — a useful reference for forex-focused traders.
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EXPECTED ZONE
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Economic Calendar - JP Events
| Monday, September 7, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 05:00 | JP | Coincident Index | 120.6 | 118.9 | 118.8 | 119.70 | Low |
| 05:00 | JP | CB Leading Index | 117.9 | 116.2 | 118.1 | 118.00 | Low |
| 23:30 | JP | Average Cash Earnings YoY | 4.7 | 4 | 3.9 | 4.30 | Low |
| 23:30 | JP | Overtime Pay YoY | 3.1 | 3.4 | 3.9 | 3.50 | Low |
| 23:50 | JP | Bank Lending YoY | 5.4 | 5.4 | 5.5 | 5.45 | Low |
| 23:50 | JP | Current Account | 2989 | -92 | 2870 | 2929.50 | Medium |
| 23:50 | JP | GDP Private Consumption QoQ | 0 | 0.4 | 0 | 0.00 | Low |
| 23:50 | JP | GDP Growth Rate QoQ | 0.4 | 0.5 | 0.4 | 0.40 | Medium |
| 23:50 | JP | GDP External Demand QoQ | 0.5 | 0.3 | 0.5 | 0.50 | Low |
| 23:50 | JP | GDP Price Index YoY | 2.6 | 3.2 | 2.6 | 2.60 | Low |
| 23:50 | JP | GDP Capital Expenditure QoQ | -0.9 | -1 | -0.8 | -0.85 | Low |
| 23:50 | JP | GDP Growth Annualized | 1.4 | 1.8 | 1.1 | 1.25 | Medium |
| 23:50 | JP | Gross Domestic Product QoQ | 1.4 | 1.8 | 1.1 | 1.25 | Medium |
| Tuesday, September 8, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 05:00 | JP | Eco Watchers Survey Current | 45.7 | 46.3 | 46.30 | Low | |
| 05:00 | JP | Eco Watchers Survey Outlook | 45.8 | 46.1 | 46.10 | Low | |
| 23:00 | JP | Reuters Tankan Index | 18 | 15 | 15.00 | Low | |
| Wednesday, September 9, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 06:00 | JP | Machine Tool Orders YoY | 50.4 | 43 | 43.20 | Low | |