Business confidence among Japanese manufacturers has soured to hit the weakest l...
TOKYO - Business confidence among Japanese manufacturers has soured to hit the weakest level in 6-1/2 years, the Reuters Tankan poll for September showed, underscoring fears that the U.S.-China trade war is undermining Japan’s export-led economy.
The Reuters Tankan sentiment index for manufacturers fell for a fourth straight month, reaching minus 7, the lowest point since March 2013. Sliding business confidence among manufacturers could dampen capital expenditure - a rare bright spot in the world’s third-largest economy - while the bleak outlook at non-manufacturers indicated worries about a hit from a sales tax hike to 10% from 8% scheduled to take effect on Oct. 1.Government data out this week showed Japan’s economy grew at a slower-than-estimated 1.3% annualized in the April-June quarter as the trade war prompted a downward revision of business spending.
“The sales tax hike, anxiety about the future, and slowdown in private consumption” are weighing on our business confidence, said a food processing company manager. The service-sector index improved to 19 from 13 in August, led by wholesalers/retailers and transportation/utility firms.
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