Business sentiment among Japan's big manufacturers in the second quarter likely tanked to levels last seen during the 2009 global financial crisis as the coronavirus pandemic crushed global demand and paralysed factory output, a Reuters poll showed.
TOKYO - Business sentiment among Japan’s big manufacturers in the second quarter likely tanked to levels last seen during the 2009 global financial crisis as the coronavirus pandemic crushed global demand and paralysed factory output, a Reuters poll showed.
The Bank of Japan’s closely watched “tankan” survey is also likely to show big non-manufacturers’ mood sinking to more than a decade-low, underscoring the sweeping economic impact of the global health crisis. Big non-manufacturers’ index likely worsened to -18 in the June quarter from +8 three months ago, the poll showed, as lockdown measures to contain the virus forced citizens to stay home and retailers to close. That would mark the weakest level since December 2009.
“Even harder hit were non-manufacturers. Sectors that were forced to close business due to state of emergency measures in April and May likely suffered devastating damage,” he said.
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