Confidence at big Japanese manufacturers fell the most in eight months, while morale in the services sector also slumped on worries a slowdown in China's economy could be a bigger drag on growth globally and at home, a Reuters poll for September showed on Wednesday.
The gloom across the business sector underlines the challenge for Japanese policymakers and raises doubts that exports could fuel an economic recovery in the face of weak domestic demand.
The survey, which drew 248 responses during Aug. 30-Sept. 8, serves as a leading indicator for the Bank of Japan's closely watched quarterly tankan survey due on Oct. 2, and also provides a quick health check of business conditions for the BOJ's upcoming policy-setting meetings. "Our business conditions are not so good due to uncertainty surrounding the global economy such as geopolitical risks stemming from a prolonged war in Ukraine and rising tension between U.S.-China frictions," a machinery maker manager wrote in the survey.
Compared with three month ago, the manufacturers' sentiment index -- calculated by subtracting the percentage of pessimistic respondents from optimistic ones -- was down four points and suggests decline in the quarterly tankan survey.The Reuters Tankan non-manufacturers index also dropped nine points to hit plus 23 in September from the previous month, the biggest decline since May 2020, the survey showed.
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Fears of a China-led global downturn dampen Japan's business outlookAccording to Reuters, confidence among major Japanese manufacturers has dropped the most in eight months, while morale in the services sector has also
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