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Slump in Japan firms' confidence

BBC News 12/15/2008 00:16
Japanese exporters suffer amid the global financial downturn

Japanese exporters suffer amid the global financial downturn


Japanese business confidence has suffered the biggest drop in 34 years, fuelling fears that the economy may face a deep and lengthy recession. The quarterly Tankan survey by the Bank of Japan (BoJ) showed that the business sentiment index had plunged to minus 24 from minus 3.



It was the fourth quarter in a row that the index had declined.
 
Many analysts believe Japan's central bank might cut its already low interest rate of 0.3% to boost the economy.
 
Some economists think it can happen this week, while others predict a cut in March.
 
The Tankan index fell to the lowest level in almost seven years.
 
"The Tankan is full of figures showing Japan's recession will be a deep and long one," said Yasuhide Yajima at NLI Research Institute.

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