The Bank of Japan’s Tankan survey of business managers saw an increased balance of those seeing improvements vs. declines to 7% from 5%, as expected by economists. Yet, the export experience dropped to its lowest since December 2009, and the balance expecting further declines remained at 12%. This is a similar outlook to American managers, but worse than those in China. The shipbuilding industry saw conditions worsen again, but managers still expect a recovery – this compares to China’s shipbuilders whose orders are at a five year low.