The slump in Japanese business confidence deepened in May, hitting decade lows as firms braced for a protracted period of coronavirus-driven economic weakness, the Reuters Tankan survey showed on Wednesday.
The downbeat findings came after data this week showed the world’s third-largest economy slipped into its first recession in 4-1/2 years last quarter, as the broadening impact of the highly contagious virus depressed business and consumer activity at home and abroad.
The survey showed both manufacturers and service-sector firms expected to see an even sharper fall in business sentiment in the three months ahead, at minus 51 and minus 48 in August, respectively. A manager at a construction firm said: “There’s plenty of construction work at hand, although private capital investment is decreasing.”
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