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April 1st, 2013 
Peter Nolan
A CENTRAL bank survey shows Japanese manufacturers are more upbeat about business conditions than they were late last year, but the outlook is less positive than expected.
Industry overall plans to cut capital investments.
The Bank of Japan’s Tankan index for the March quarter rose to minus 8 from minus 12 for large manufacturers.
That was a smaller improvement than analysts had anticipated before Monday’s release.
A reading below zero means pessimists outnumber optimists.
The outlook for smaller manufacturers edged slightly lower, to minus 19 from minus 18.
Large firms said they plan to reduce capital spending in the fiscal year that begins on Monday by 2 per cent.
The data could spur more monetary easing and suggest manufacturers may be unconvinced lax demand is on the rebound.
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