Japan big manufacturers' mood hits near three-year low: BOJ tankan

TOKYO - Japanese big manufacturers’ business confidence worsened to a nearly three-year low in the quarter to June, a closely watched central bank survey showed, in yet another sign of the growing economic toll exerted by slowing global demand and the bitter U.S.-China trade war.

Roughly 70% of the companies surveyed gave their replies on June 11, according to the BOJ, which meant the survey did not reflect the impact of an agreement reached on Saturday between the United States and China to restart trade talks. The headline index for big manufacturers’ sentiment stood at plus 7 in June, worsening from plus 12 in March and falling short of a median market forecast of plus 9, the tankan showed.

The survey also showed big firms planning to raise their capital expenditure by 7.4% in the financial year to March 2020, versus economists’ median estimate of a 8.9% increase.

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