FXStreet (Mumbai) - The Bank of Japan's quarterly "tankan" survey today showed confidence at big Japanese manufacturers held steady in the three months to December. The headline index for big manufacturers' sentiment stood at plus 12 in December, unchanged from what it was three months ago. A Reuters poll of economists had expected the index to come in at plus 11. The index however can be expected to worsen in the coming quarters. Service companies gave a reading of +25, unchanged since September. Companies raised their profit growth forecast in the current fiscal year by 2 per cent to 5.4 per cent. The forecasts for capital investment was also rose from 6.5 per cent to 7.8 per cent growth. Big firms can be expected to raise capital spending by 10.8 per cent in the fiscal year that ends in March 2016, lower than previous plan for a 10.9 per cent increase. However it is higher than the economists' median estimate of a 10.2 per cent expansion. Hidenobu Tokuda, senior economist at Mizuho Research Institute warned that the overall tone of the Tankan survey indicated companies were taking a cautious stance on the future. Emerging market concerns and disappointing consumer spending could be the reason for such cautious outlook. Companies are planning to raise spending only in the second half of the fiscal year, highlighting that they are delaying investment. Given that inventory adjustment phase, the recovery will happen only at a slow pace. For more information, read our latest forex news.