Tokyo: Business confidence among major Japanese manufacturers tumbled to its lowest-ever level during the three months through March from the previous quarter, but they foresee a pickup in business by June for the first time in 11 quarters, the Bank of Japan said Wednesday.
The index of big makers’ sentiment came to minus 58, down from minus 24 in December, as exports slowed and industrial output declined amid the global economic deceleration, the central bank said in its closely-watched Tankan survey.
The 34-point fall also represented the sharpest-ever decline in big manufacturers’ business confidence since the BOJ started the survey in 1974.
For the next three months to June, business confidence index is expected to rise 7 points to minus 51. It is the first time in 11 quarters that large Japanese manufacturers have anticipated a recovery in business climate down the road.