TOKYO :The mood among Japan's big manufacturers' soured for a second straight quarter in the three months to June, a central bank survey showed on Friday, hit by rising input costs and supply disruptions caused by China's strict COVID-19 lockdowns.
Analysts, however, warn of a murky outlook as growing fears of a U.S. economic slowdown and steady price hikes for daily necessities weigh on exports and domestic consumption. In a sign of mounting inflationary pressure, separate data showed core consumer prices in Japan's capital Tokyo - a leading indicator of nationwide trends - rose 2.1 per cent in June from a year earlier to mark the fastest pace of increase in seven years.
In a sign more companies were able to pass on rising costs to consumers, an index measuring output prices hit the highest level since 1980 for big manufacturers and the highest since 1990 for big non-manufacturers, the tankan showed. Policymakers are hoping that consumption will rebound from the pandemic's drag and offset the weakness in manufacturing activity. But the yen's recent plunge is pushing up prices of imported fuel and food, adding pain for households.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »