Capital expenditure plans among Japan's large enterprises across all industries expanded 11.5% for the current fiscal year, according to the Bank of Japan's (BOJ) second-quarter Tankan survey released on Wednesday.
The reading far exceeded the consensus forecast of a 1% increase tracked by Trading Economics, and compared with a 3.3% rise projected in the previous quarter's survey.
The survey reflects the fixed investment appetite of the country's largest companies, encompassing both the manufacturing and non-manufacturing sectors.
Capital spending plans among large manufacturers rose 10.1%, up from 2.7% in the previous quarter, while capex plans among non-manufacturers increased 12.3%, versus 3.6% in the first quarter.