Expectations for overseas sales by Japanese manufacturers reached the highest since June 2011, according to the latest Tankan survey. That may be partly met by their foreign factories as export forecasts improved, but only to levels seen in December 2015. By comparison conditions in the U.S., China and Europe are all at or near 2011 highs. The shipping industry outlook remained negative for a second quarter. That’s hardly a surprise given a fourth straight month of declining exports and government support for competitors in China and South Korea.