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Japan business sentiment plunges to 7-year low, BOJ Tankan shows
TOKYO – Sentiment among Japan's large manufacturers plunged in January-March, marking the fifth straight quarter of declines and the longest downturn since the collapse of Lehman Brothers in 2008, the Bank of Japan's latest Tankan survey showed on Wednesday.
The closely watched index of sentiment among large manufacturers fell to minus 8 from zero in the October-December period, the lowest reading since 2013. Economists had expected a reading of minus 10, according to a poll taken by Nikkei group company QUICK.
Sentiment among large nonmanufacturers dived to plus 8 from plus 20.
The results paint a picture of deteriorating business sentiment, though not as severe as many market watchers had feared. They reflected a number of factors, including the uneven impact of the virus on the Japanese economy, signs of recovery in China and the continued spread of the epidemic in the U.S.
The survey pointed to a further deterioration of confidence over the next three months, with the index dropping to minus 11 for large manufacturers and minus 1 for large non-manufacturers. The Bank of Japan expanded its monetary stimulus on March 16 in an effort to support the economy from the coronavirus-induced shock, doubling the amount of share purchases and launching a program to provide loans to industries hit by the pandemic. Prime Minister Shinzo Abe said last week that he will put together an economic stimulus package worth as much as 10% of the nation's gross domestic product by early April.
https://asia.nikkei.com/Economy/Japan-business-sentiment-plunges-to-7-year-low-BOJ-Tankan-shows
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