Japan business mood gloomiest in nearly seven years as trade war bites
TOKYO - Japanese big manufacturers’ business mood was at its bleakest in nearly seven years in the fourth quarter, a closely watched central bank survey showed, as the U.S.-China trade war and soft global demand weighed on the export-reliant economy.
The glum readings will likely keep the BOJ under pressure to maintain or even ramp up its massive stimulus program to fend off the risk of another recession. It marked the fourth straight quarter of decline and hit the lowest reading since March 2013, a month before BOJ Governor Haruhiko Kuroda deployed his “bazooka” monetary stimulus to pull Japan out of deflation.
Big firms plan to increase capital expenditure by 6.8% in the current business year ending in March 2020, compared with a median market forecast of a 6.0% gain, according to the survey.
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