摩根大通：日本 9 月份中小企业信心指数下滑；详情更为乐观

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The sentiment among small and medium enterprises (SMEs) in Japan fell by 1.2 points to 47.8 in September, contrary to the forecast of a modest increase of 0.2 points, marking a decline after three consecutive monthly increases [1][5][11] - The decline is mainly observed in the household-related retail and services sectors, which decreased by 1.8 points and 3.5 points respectively, partially offsetting recent gains [1][5] - Despite concerns about persistent inflation, solid wage growth is expected to sustain strong consumption momentum [1][5] Summary by Relevant Sections SME Sentiment - Business-related SMEs saw an increase in sentiment by 0.9 points to 49.3, attributed to yen appreciation leading to lower input costs and improved profitability [2][11] - The manufacturing sector experienced a notable sentiment increase of 2.5 points, reaching a seven-month high of 48.6 [2][11] Economy Watchers Index - The Economy Watchers Survey Diffusion Index for current conditions was reported at 47.8 in September, down from 49.0 in August [7] - The household index decreased to 47.0, while the business index improved to 49.3 [7] - Employment sentiment remained relatively stable at 49.8, indicating a slight decline from previous months [7]