TOKYO (AP) — Japanese manufacturers are more upbeat about business conditions than they were late last year, but less so than expected, a central bank survey found.

The Bank of Japan’s “tankan” index for the March quarter rose to minus 8 from minus 12 for large manufacturers, a smaller improvement than analysts had anticipated before Monday’s release. A reading below zero means pessimists outnumber optimists, and the tankan forecast for large manufacturers for the June survey was minus 1.