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Japan business confidence worst since 2009 crisis | Malay Mail

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TOKYO, July 1 ― Confidence among major Japanese manufacturers has plunged to its worst level since the global financial crisis, a key survey showed today, as the coronavirus dries up global demand. The Bank of Japan's June Tankan business survey ― a quarterly poll of about 10,000 companies ―...

Employees work on the automobile assembly line during the outbreak of the coronavirus disease at Kawasaki factory of Mitsubishi Fuso Truck and Bus Corp in Kawasaki, south of Tokyo May 18, 2020. — Reuters pic

“These figures show that companies believe it will take a long time for the economy to recover,” Yoshikiyo Shimamine, chief economist at Dai-ichi Life Research Institute, told AFP. Unemployment is rising, albeit to a rate that would make most countries jealous. Data released on Tuesday showed the jobless level rose from 2.6 per cent to 2.9 per cent.

“One estimate says the jobless rate is actually 11 percent if you incorporate those on furlough,” he told AFP.Japan was struggling with the effects of natural disasters and a hike in consumption tax even before the pandemic crippled the global economy.

 

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