Takeshi Minami

Big manufacturers appear a bit cautious about the outlook, probably due to uncertainty over China. But it's not as if they are all gloomy since U.S. demand remains strong, capital expenditure plans remain fairly strong, so I don't think we need to be too pessimistic about the economy.

This is a pretty positive figure and shows the recovery is picking up pace, non-manufacturers are boosting spending on expectations that private consumption will recover, so this should serve as a key driver of growth.