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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 falls fastest in three decades AFP - 12 minutes ago TOKYO (AFP) - - Business confidence among big Japanese manufacturers plunged at the fastest pace in more than three decades as the economic crisis deepened, a central bank survey showed Monday. Confidence tumbled to minus 24 in December from minus three the previous quarter, hitting the lowest level since early 2002, according to the Bank of Japan's Tankan survey of more than 10,000 firms. Manufacturers painted a grim outlook of business prospects, forecasting a further slump in confidence to minus 36 in March. The index measures the percentage of firms that think business conditions are good minus those that think they are bad. Major Japanese manufacturers expect a 24.2 percent slump in pre-tax profits in the current financial year to March, the survey showed. Sales are expected to edge up just 0.9 percent from the previous year, according to the Bank of Japan's quarterly Tankan survey. Large companies of all industries plan to trim their investment in new plants and equipment by 0.2 percent on average this year, in marked contrast to sharp increases in corporate capital spending seen in recent years. Japan's corporate sector has been a key driver of a recovery in Asia's largest economy following the recessions of the 1990s. But firms are now cutting back their investment in response to the financial crisis, raising fears that the current recession will be deeper and longer than previously feared. Japan's economy, which is officially in recession, shrank an annualised 1.8 percent in the third quarter of 2008, much worse than initially thought, official figures showed last week. 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 Japanese business confidence falls fastest in three decadesAFP - 17 minutes ago Oil-rich Angola launches direct flight to ChinaAFP - Monday, December 15 GLOBAL ECONOMY WEEKAHEAD-Bidding adieu to the Great Moderation?Reuters - Monday, December 15 Orascom to launch 3G service in NKoreaAP - Monday, December 15 Related Articles: Business Japanese business confidence falls fastest in three decadesAFP - 17 minutes ago S.Korea c.bank to supply 6.5 trln won this weekReuters - 26 minutes ago China to reshuffle equities index componentsReuters - 30 minutes ago Malaysian shares seen up; U.S. auto bailout eyedReuters - 34 minutes ago Japan Hot Stocks-Dentsu jumps on push in Russian ad marketReuters - 34 minutes ago Enlarge Photo Japanese business confidence falls fastest in three decades Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Queen Elizabeth II reins in extravagance as credit crunch grips US carmakers mull options as White House vows aid Fortis bank, saved from collapse, again on shaky ground Russia crowned Miss World 2008 in African event View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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