The Bank of Japan’s September Tankan survey showed business sentiment in Kyushu and Okinawa falling to +19, down 2 points from June—the first decline in three quarters. Manufacturing dropped to +9, with steel turning negative due to oversupply and weaker construction demand. Non-manufacturing also softened, particularly in real estate and construction as investment slowed and housing demand cooled. Companies expressed concern over rising labor costs from minimum wage hikes, though manufacturers expect modest recovery in the coming months. Source: Bank of Japan
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