The Japanese yen was mixed on Wednesday, losing against the commodity dollars while gaining versus the US dollar and European currencies. For the most part, the currency has maintained its inverse link to equities, but it will face high event risk overnight as the Bank of Japan’s Tankan report is projected to show mild improvements in business sentiment from Q2, but may also highlight the lingering weakness in the economy. The gauge of large manufacturers’ outlooks is anticipated to edge up to -26 in Q3 from -30, but this will mark the fifth negative result and thus, broadly pessimistic sentiment. On the other hand, the non-manufacturing outlook is expected to fall to -22 in Q3 from -21, suggesting that outside of exporters, few businesses are feeling the impact of the Q2 expansion, as GDP rose an annualized 2.3 percent. Adding to the mix, the Tankan fixed investment index is projected to remain down 9 percent in Q3, compared to -9.4 percent in Q2 and -6.6 percent in Q1, indicating that businesses are still not planning on spending as corporate profits are still weak and most outlooks call for lackluster growth in the region through the end of the year.