(MENAFN- Kuwait News Agency (KUNA)) TOKYO, April 3 (KUNA) -- Business confidence among major Japanese manufacturers worsened for the fifth straight quarter in March, amid rising costs of energy and raw materials, the Bank of Japan said Monday.
The central bank's quarterly survey showed the business sentiment among big makers, such as automakers and electronics makers, in the world's third-largest economy dropped to plus 1, compared with plus 7 in the previous December survey.
The reading was the lowest level since June 2021, when it marked minus 10 in December 2020.
The headline index represents the percentage of companies which are positive about their business minus the percentage of those who gave negative replies. Thus, a positive number means optimists outnumber pessimists. The central bank's "tankan," which means short-term economic outlook, is Japan's most closely watched index of business confidence.
Confidence among large retailers, banks, real estate companies and other non-manufacturers improved 1 point to plus 20, up for the fourth quarter in a row, thanks to the lifting of Covid-19 restrictions and a recovery in inbound tourism.
Looking ahead, large manufacturers expect their business sentiment index to improve to plus 3 in the next June survey, while large non-manufacturers predict the reading to slide to plus 15. The latest poll was conducted between Feb. 27 and March 31, covering 9,199 companies, of which 99.2 percent responded. (end)
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