The confidence level of Japan's manufacturing industry has risen to a new high since 2018.

The confidence index of Japan's large manufacturing companies has reached its highest level since 2018, providing support for the Bank of Japan's continued policy of raising interest rates. The Bank of Japan announced on Wednesday that the quarterly Tankan survey data showed that the index for large manufacturers' sentiment rose from 17 to 22 in the April-June period, while economists surveyed by the media had previously expected the index to slightly drop to 16. The index for large non-manufacturing companies also rose to 37, maintaining its strongest performance since 1991. A positive index value indicates that the number of businesses with a positive view of the operating environment exceeds those with a pessimistic view.