Sentiment among large Japanese manufacturers drops for 2nd straight quarter in June

0 Comment(s)Print E-mail Xinhua, July 1, 2022
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TOKYO, July 1 (Xinhua) -- Business sentiment among large Japanese manufacturers deteriorated for the second straight quarter in June, owing to rising costs for energy and raw materials, the Bank of Japan (BOJ) said in its Tankan report Friday.

The sentiment index gauging confidence among large manufacturers such as automakers and electronics manufacturers fell from 14 booked three months ago to nine, the report showed.

The index for large non-manufacturers, meanwhile, including the service sector, improved from nine in the previous survey to 13, with the BOJ saying the improvement was a result of the waning effects of the COVID-19 pandemic.

Sentiment has also been hit but the yen's recent weakness against a basket of other major currencies including the U.S. dollar and the euro, which has added to the cost to import raw materials, the prices of which themselves have been skyrocketing for businesses in resource-poor Japan, analysts here pointed out.

The BOJ's Tankan index portrays the percentage of companies reporting favorable conditions minus the percentage reporting unfavorable ones. Enditem

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