Japan business confidence at lowest level since 2009

A pedestrian walks by a closing sale sign on a shop in Tokyo on May 22.

The shock headline reading compares with market expectations of minus 31 and is worse than minus 8 in the previous survey in March, the first negative reading in seven years. Although the coronavirus has hit Japan less hard than many advanced nations, it has still taken a bitter economic toll, catapulting the country into its first recession since 2015.

The low unemployment figure reflects a shrinking workforce given Japan’s rapidly ageing population where 28% are 65 or over.

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