Business confidence of Japan's large manufacturers weakened in the second quarter of the year amid hikes in food and fuel prices, said a survey released by the Bank of Japan (BOJ) Tuesday.
The index of major manufacturers' confidence suffered a third straight quarterly fall, plunging to 5 from the previous quarter's reading of 11, while the sentiment of large nonmanufacturers slipped from 12 to 10, a fourth consecutive quarterly decline, said the central bank's Tankan survey.
The BOJ expects a further decline to 4 for large manufacturers and 8 for their nonmanufacturing counterparts.
The BOJ Tankan survey, which was conducted between May 28 and June 30, covered 10,579 companies.
Source:Xinhua
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