The Bank of Japan's survey also showed that big firms in Japan plan to raise their capital spending by 2.4 percent in the financial year to March 2011, less than the market's median forecast for a 4.2 percent rise.

The bank also said however that companies expect conditions to worsen sharply over the coming quarter.

The business sentiment index for large manufacturers is expected to slump to minus 1 in the next survey to be released in December, while the index for large non-manufacturers is expected to read minus 2.

"Companies are becoming more anxious about the business outlook because of concern over slower global growth and the yen's gain," said Minoru Nogimori, an economist at Nomura Securities Co. in Tokyo.

"If the Tankan shows weakness, it may build up pressure on the central bank to do what needs to be done."

BOJ Governor Masaaki Shirakawa reiterated recently that the central bank is ready to take policy action if necessary. He said the bank stands ready to intervene in currency markets again, if deemed necessary.

Tokyo intervened in the currency market on Sept. 15 by selling yen for the first time in more than six years, with the yen's surge to a 15-year high versus the dollar seen as threatening to seriously hamper Japan's export-led economic recovery and foster the nation's lingering deflation.
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