Nevertheless, a quarterly central bank survey suggested the headwinds from the slowing global economy have yet to be fully felt by manufacturers, with the business mood holding up and companies retaining robust spending plans.
That opens up the risk that things could get much bumpier in the coming months, especially as worries over slow global growth join nervousness around the outcome of the U.S. presidential election next month and an escalating conflict in the Middle East.
($1 = 149.5400 yen)