Business sentiment is more or less unchanged on the whole. The Bank of Japan's December 2022 Tankan (Short-Term Economic Survey of Enterprises in Japan) showed that sentiment for nonmanufacturing has improved, mainly for private consumption-related industries such as eating and drinking services, accommodations, and retail.
However, sentiment for manufacturing has been more or less flat due to the effects of high raw material costs and production adjustments for IT-related goods. With corporate profits being at high levels, business fixed investment has continued to increase moderately.