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Japan survey shows business sentiment to worsen | |
(about 1 hour later) | |
Japan's big manufacturers expect conditions to worsen in the coming three months, according to the Bank of Japan's Tankan survey. | |
But the decline in business sentiment was not as bad as many expected, leading to questions of accuracy. | |
The earthquake and tsunami that hit Japan on 11 March have lead to rolling power blackouts and a nuclear crisis. | |
The results of the quarterly Tankan survey are used to shape Japan's monetary policy. | |
The business sentiment index for this June is at minus 2, showing that big manufacturers are pessimistic. | |
A positive reading indicates the sector is improving. | A positive reading indicates the sector is improving. |
Accurate results? | |
In an unprecedented move, the Bank of Japan released seperate figures for March, to reflect sentiment before and after the quake. | |
The post-quake index for big manufacturers was plus 6, which is the same as it was in the full survey results released on 1 April. | |
"The positive figure for March strikes me as a bit odd and it's a bit difficult to believe," said Koichi Ogawa from Daiwa SB Investments. | "The positive figure for March strikes me as a bit odd and it's a bit difficult to believe," said Koichi Ogawa from Daiwa SB Investments. |
"I wonder if the impact of the disaster is really reflected in the result". | "I wonder if the impact of the disaster is really reflected in the result". |
Some analysts say that the survey results are misleading. | |
"Many companies have still been unable to fully grasp the fallout from the earthquake and subsequent nuclear crisis," said Yasuo Yamamoto from Mizuho research institute. |