TOKYO : Japan's business sentiment soured in January-March to hit the worst level in more than two years, a closely-watched central bank survey showed on Monday, as slowing global growth clouds the outlook for the export-reliant economy.
The headline index measuring big manufacturers' sentiment fell to plus 1 in March from plus 7 in December, Bank of Japan data showed, worse than a median market forecast for a reading of plus 3. It was the fifth straight quarter of deterioration and the worst level hit since December 2020. Takeshi Minami, chief economist at Norinchukin Research Institute, expects external factors, such as the fallout from U.S. and European monetary tightening, to weigh on Japan's exports and business sentiment.
Companies expect inflation to hit 2.8 per cent a year from now, 2.3 per cent three years from now and 2.1 per cent five years from now, the survey showed in a sign firms are bracing for inflation to remain above the central bank's 2 per cent target for years to come.
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