Japan business confidence dips as Ukraine concern grows

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The latest Tankan survey shows that confidence weakened among Japan's major manufacturers for the first time in nearly two years as concern grows over the impact of the Ukraine crisis.

The Bank of Japan's Tankan business survey - a quarterly poll of about 10,000 companies - showed a reading of +14 for major manufacturers, lower than the previous +17.

The latest reading - the first decline in seven quarters - comes more than a month after Russia invaded Ukraine, starting a war that has pushed up raw material prices and triggered parts shortages. "Non-manufacturing sentiment held up better-than-expected during the Omicron wave and the labour market continued to tighten," he said.Among large non-manufacturers, confidence fell to +9 from +10.

 

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