Japan sees sharpest quarterly business confidence fall in 34 years
15/12/2008 16:52
The business confidence at big Japanese manufacturers logged the steepest
fall on a quarter-on- quarter basis in nearly 34 years in the last three months,
said the Bank of Japan (BOJ) today.
The central bank's "Tankan" survey showed
that its closely watched confidence index for large manufacturers plunged by 21
points to minus 24 from the third quarter of 2008, the sharpest decrease since
February 1975 when the index suffered a 21-point drop.
Japan's declining
exports and industrial output amid the slumping global economy were key factors
behind the plummet in business confidence, according to the survey.
The
world's second-largest economy is possibly heading for a deep recession as
companies brace for more global turbulence, analysts said.
For the next three
months through March 2009, the confidence index for large manufacturers is
projected to fall another 12 points to minus 36, the BOJ said.
The BOJ
surveyed a total of 10,409 companies between Nov. 10 and Dec. 12, of which 99
percent responded.
Xinhua
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