Japan business confidence flat despite signs of recovery: BoJ

Japan's biggest manufacturers were in a cautious mood during the last quarter of the year, a central bank survey showed Monday, despite a modest pick-up in the world's number three economy.

The Bank of Japan's closely-watched Tankan report showed confidence among major manufacturers was flat at plus 12 in December from the previous quarter.

The survey of more than 10,000 companies nationwide is the most comprehensive indicator of how Japan Inc. is faring, and marks the difference between the percentage of firms that are upbeat and those that see conditions as unfavourable.

The latest result was slightly better than market expectations, and likely to temper hopes that Japanese policymakers will expand their stimulus programme.

The BoJ holds its last meeting of 2015 this week.