TOKYO - Japanese manufacturers' confidence sank in the second quarter to levels not seen since the 2009 global financial crisis, underscoring the damage the coronavirus pandemic inflicted on the export-reliant economy.
The dismal readings reinforce market expectations Japan's economy is headed for deep recession as the fallout from the pandemic weighs on output and consumption. However, both manufacturers and non-manufacturers expect business conditions to improve in the three months ahead, the tankan showed.
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