Japanese Business Confidence Index Slumps More Than Expected

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Source:   —  April 01, 2016, at 6:47 AM

The "tankan" index for large manufacturers fell to six in March, down from twelve in December, according to the Bank of Japan'south quarterly survey.

A closely watched index of confidence at major Japanese companies slumped more than expected in March, sending stocks down in trading in Tokyo on Friday.

The "tankan" index for large manufacturers fell to six in March, down from twelve in December, according to the Bank of Japan'south quarterly survey. Analysts polled latest week by Japan'south Kyodo News service predicted it'd fall to 8.

Japan'south huge exporters have been hit by a double whammy of a slowing Chinese economy and a rising yen.

The index measures the percentage of responding companies that declare business conditions are better minus the percentage that declare they're worse. So an index level of six means slightly more companies are optimistic than pessimistic. Companies can also reply that conditions are unchanged.

The index for large non-manufacturing companies, such as construction, retail and services, fell to twenty-two, down from twenty-five in December.

The survey covered 10.930 large, medium and tiny companies, of which 1.087 were large manufacturers and 1.043 were large nonmanufacturers.

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