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Japan business confidence at lowest since 2009: survey

Business2020-07-01

ConfidenceamongJapansbiggestmanufacturershastumbledtothelowestlevelsince2009,akeysurveyshowedWednesdayasthecoronaviruspandemichitsglobaldemandanddisruptsproduct

Confidence among Japan's biggest manufacturers has tumbled to the lowest level since 2009, a key survey showed Wednesday as the coronavirus pandemic hits global demand and disrupts production.

The Bank of Japan's June Tankan business survey – a quarterly poll of about 10,000 companies – showed a reading of minus 34 among major manufacturers, the lowest level since June 2009 when the global financial crisis hit the world's third-largest economy.

The shock headline reading compares with market expectations of minus 31, and is worse than minus 8 in the previous survey in March, the first negative reading in seven years.

(AFP)

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