1.   If the so-called tankan report suggests the economy is rebounding, it could spur expectations of higher interest rates in Japan.

2.   Sullivan said the investor was probably shifting assets to Japan in anticipation of higher interest rates there following release of the Tankan report.

3.   The dollar gained against the yen in earlier trading on expectations that the tankan report would show manufacturers are becoming more bearish about their prospects in coming months.

4.   The last tankan report, in August, showed managers at major manufacturers were pessimistic about business conditions.

5.   The tankan report came on top of weak industrial production figures for January.

6.   The tankan report is a quarterly central bank survey of business sentiment.

7.   The tankan report also helped lift the mark to an eight-month high against the yen.

8.   The Tankan report gives few hints that companies expect a rebound soon.

9.   The tankan report makes it less likely the Bank of Japan will raise rates anytime soon.

10.   This indicates they are looking for the dollar to extend its gains against the yen after the tankan report, he said.