Japanese firms' confidence rises

TOKYO: Confidence among Japanese manufacturers has recovered to its highest level since the financial crisis hit, as strong exports to resurgent Asian markets raise hopes of a steady global recovery, a Reuters poll showed.

"Asian economies have proved to be stronger than previously thought with no signs of a slowdown yet to emerge. That supports projections that the global economy will continue to recover," said Masamichi Adachi, a senior economist at JPMorgan Securities Japan.

"This gives a good reason for the Bank of Japan to hold off on new policy initiatives. But the BOJ is in no position to scurry to unwind its unconventional easing policies because deflation is deeply entrenched in Japan and worries about the yen's rise persist," he said.