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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japanese business confidence at new low: survey AFP - Monday, March 23 TOKYO (AFP) - - Business confidence among top Japanese executives has slumped to its lowest level in at least five years as the economic crisis batters corporate profits, a government survey showed Monday. ADVERTISEMENT The gloomy snapshot of Japan Inc. showed that companies plan to slash their investment to weather the country's worst economic crisis since World War II. Sentiment among large Japanese firms slumped to minus 51.3 points in the first quarter of 2009, down from minus 35.7 three months earlier, according to a joint survey by the finance ministry and the cabinet office. The index fell for a second straight quarter, hitting the lowest level since comparable records began in early 2004. The index represents the percentage of firms reporting improving business conditions minus that of companies reporting worsening conditions. Executives expect sentiment to pick up slightly to minus 24.8 in the next quarter, but the government warned against optimism. "Amid the global economic slump, the Japanese economy is worsening rapidly and is in a severe situation," a finance ministry official said. Japan's corporate sector was a key driver of recovery in Asia's largest economy following the 1990s recessions, as companies enjoyed strong profits and invested heavily to expand their production facilities. But the global downturn has caused demand for Japanese goods to dry up, prompting firms such as Toyota and Sony to shed thousands of jobs. Companies expect pre-tax profits to drop 41.2 percent on average in the fiscal year ending this month, and by a further 10.7 percent next year, the survey showed. Firms plan to cut investment in plant and equipment by 10.3 percent this year and by 29.4 percent next year. Japan's economy logged its worst performance in almost 35 years in the last quarter of 2008, contracting at an annualised pace of 12.1 percent. The first quarter of 2009 may turn out to be just as bad and public spending of up to 20 trillion yen (208 billion dollars) may be needed to revive the economy, Finance Minister Kaoru Yosano said Sunday. -- Dow Jones Newswires contributed to this story -- Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Official says China to continue buying US debtAP - Tuesday, March 24 World markets surge ahead of US bank crisis planAP - Tuesday, March 24 China shares up for 6th day on higher commoditiesAP - Tuesday, March 24 Dollar falls broadly, Aussie hits 2-1/2 mth highReuters - Tuesday, March 24 Related Articles: Business FTSE up as U.S. bank plan lifts banks, commodsReuters - Tuesday, March 24 Over a third of Indian firms see worse ahead - surveyReuters - Tuesday, March 24 Tiffany 4Q profit sinks, still beats viewAP - Tuesday, March 24 Lebanon economy indicating 4 pct growth in 09-cbankReuters - Tuesday, March 24 Nippon Steel, BMA agree 57 pct cut in coal priceReuters - Tuesday, March 24 Enlarge Photo Japanese business confidence at new low: survey Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed British reality TV star Jade Goody dies of cancer Prince Charles blue over green crusade Madoff loses bail appeal as victims' rage revealed Arrest warrant issued for Lindsay Lohan Opel boss hints at closing German plants View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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