TOKYO - Japan’s business confidence soured to levels not seen since 2013, a closely watched survey showed, as the coronavirus pandemic hit sectors from hotels to carmakers and pushed the economy closer to recession.
The Bank of Japan’s quarterly “tankan” survey on Wednesday showed big manufacturers’ sentiment turned pessimistic for the first time in seven years as supply chain disruptions caused by the outbreak hit sectors across the board. “The tankan clearly shows a sharp deterioration in business sentiment and confirms the economy is already in recession,” said Yasunari Ueno, chief market economist at Mizuho Securities.
It was the first time in seven years the big manufacturers’ index turned negative, with slumping global demand pushing sentiment among big carmakers to the lowest level since 2011. For now, big firms expect to increase capital expenditure by 1.8% in the fiscal year that began April, compared with a median estimate of a 1.1% decrease.
Many analysts expect the world’s third-largest economy to contract in January-March and the current quarters, keeping pressure on policymakers to deploy huge stimulus programs.
Thank communist China for that
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