Business confidence in Japan plunges most in 34 years

Business confidence among Japan's largest manufacturers fell the most in 34 years, the Bank of Japan's quarterly Tankan survey revealed Monday.

An index that measures confidence among the largest makers of cars and electronics dropped to minus 24 from minus three, according to the survey, reported dpa.

A negative reading indicates a majority of businesses were pessimistic. The fifth quarterly decline in a row in business sentiment followed a record low in consumer confidence last month.

The fall indicated that many companies were likely to slash more jobs and drastically lower spending, which would push the world's second-largest economy into a deeper recession.

Japanese manufacturers said they planned sharp cuts in factory output as an export slowdown spreads to emerging markets, which propped up Japanese car and electronics makers when the demand from the United States and Europe dwindled amid the global financial crisis.

Sony Corp recently announced the slashing of 8,000 full-time jobs in its worldwide operations. Previously, temporary workers were usually hit by job cuts in Japan, where increasing numbers of workers have been taking to the streets to protest firings as unemployment rises at its fastest rate since the "lost decade" of deflation in the 1990s.

The Japanese yen's 17-per-cent gain against the dollar since September has also lowered the value of Japanese producers' overseas sales.

The 21-point decrease in the Tankan was the largest since February 1975, but analysts said it was expected. As a result, stocks gained in Tokyo, helped by speculation that US automakers would receive a government bail-out and on the rise of the dollar against the yen.

The benchmark Nikkei 225 Stock Average surged 5.21 per cent to 8,664.66 while the broader Topix index of all first-section issues also was up 4.13 per cent at 846.93.

But the grim business outlook could increase pressure on the Bank of Japan to further sink interest rates. The central bank next meets Thursday and Friday.

Last month, its governor, Masaaki Shirakawa, described the economic decline as "drastic," and the bank cut its key lending rate to 0.3 per cent in October.

On Friday, Japanese Prime Minister Taro Aso announced a 23- trillion-yen (255-billion-dollar) assistance package for the economy, while warning of a sharpening of the country's recession and a possible re-emergence of deflation.

Aso said that tax cuts for homeowners, around 13 trillion yen in support for small-and-medium enterprises and other direct support for businesses were included in the plan.

The Japanese government announced a 26.9-trillion-yen economic stimulus package in October, which parliament has yet to pass.

Construction of Ashgabat-Turkmenabat highway continues
Construction of Ashgabat-Turkmenabat highway continues
Construction Cost Index increases in Georgia
Construction Cost Index increases in Georgia
S. Korean commercial vehicle plant to be constructed in Uzbek region
S. Korean commercial vehicle plant to be constructed in Uzbek region
Loading Bars
Latest
All activities for Ionian Adriatic Pipeline postponed: Croatian Ministry
Turkey's clothes export to Uzbekistan slumps
Russia eyes to build nuclear power plant in Uzbekistan
Vladimir Putin: Increase of excess income tax rates is justified step
Extraction plan for Iran's South Pars gas field determined
Azerbaijan, ADB discuss prospects for expanding cooperation (PHOTO)
Iran to begin studies related to Sanandaj-Bashmakh route
Kazakhstan Railways opens tender to buy electric generators
Review of dairy products exported by Georgia to Azerbaijan
Israel's Mobileye, Dubai's Habtoor partner on self-driving cars
Georgia exports first batch of honey to Azerbaijan
Azerbaijan developing vaccination strategy against coronavirus
Auction on placement of Azerbaijani Central Bank's short-term notes held
ADB talks opportunities for financing of projects in Azerbaijan
Kazakhstan's crude oil exports to Netherlands surge in 1H2020
Turkmen company plans to cover domestic demand for viscose thread
Volume of lending in Azerbaijan’s Nakhchivan Autonomous Republic increases
Volume of maritime cargo transshipment from S.Korea via Turkey detailed
Ukrainian International Airlines FlyUIA announces flights to Georgia
Kazakhstan's passenger cars export value to Azerbaijan revealed
Turkmen company for polypropylene production thread revealed export volumes
Turkish BOTAS discloses volume of oil shipment from Ceyhan terminal
Iran declares volume of areas put into operation in agricultural parks
Revenues of Azerbaijani Nakhchivan's mobile communication operators up
Speaker of Azerbaijani Parliament: Armenian PM's statements undermine international efforts for peaceful settlement of Karabakh conflict
Georgia's import of tubes, pipes, hollow profiles from Turkey up
Turkmenistan’s Turkmennebit exceeds volume of oil production
Non-cash payments getting increasingly popular in Azerbaijan
Kazakhstan’s QAZAQ AIR resuming flights on more domestic routes
Foreign trade turnover of Azerbaijan's Nakhchivan grows
Iran imports flu vaccine as possible medicine against COVID-19
Paris Eiffel tower evacuated
World GDP spent on energy to be halved by 2050
RAEX: Structural reforms in public sector of Uzbekistan’s economy to support the economic development
AZAL launches special flights to Ankara and Antalya
Turkey remains main importer of flours, meals, pellets from Georgia
Ways for decarbonizing operations of oil & gas companies
China's import of ready-made clothing from Turkey spikes
Geostat reveals volume of ferroalloys exported by Georgia to Turkey
Construction of Ashgabat-Turkmenabat highway continues
Asian Development Bank expanding support program in Azerbaijan
Oil & gas industry to become world’s carbon waste disposal agent
Number of people infected with coronavirus (COVID-19) in Iran exceeds 430,000
Georgians traveling to Estonia to be obliged to go through 14-day self-isolation
Value of exports from Iran’s Kohgiluyeh and Boyer-Ahmad Province climbs
GDP data of Azerbaijan's Nakhchivan revealed
Georgia reveals volume of fish exported to Azerbaijan
Azerbaijan's State Service on Property Issues to put up several enterprises for auction
Iran reveals details of exports from Yazd Province
Georgia reduces import of medicaments from Turkey
Iran threatens to exit from NPT and JCPOA
Precious metal prices in Azerbaijan down
Iran's Shazand Oil Refining Company opens tender to buy equipment
Mayor of Israeli city: Azerbaijan no doubt very tolerant country
Russia increases volume of cement imports from Turkey
Iran discloses amount of currency returned to country economy
Bulgarian MEP: Azerbaijani oil, gas pipelines strongly contribute to pan-European energy security
SOCAR Energoresource, Tyumen Oblast ink agreement on socio-economic cooperation
Azerbaijani president, first lady view landscaping work carried out in Balakhani settlement (PHOTO)
Inflation rate grows in Iran
Inflow of labor migrants from Turkey to Turkmenistan decreases
Azerbaijan holds auction on state-owned enterprises
Daily new coronavirus cases reach record in Israel
Several UAVs and military helicopters handed over to Iranian Armed Forces
Bulgarian MEP: Lasting settlement of Karabakh conflict lies in meaningful negotiations
Neste and Shell to increase supply of sustainable aviation fuel
Uzbek-Korean Gas Chemical LLC to build hydrogen and nitrogen storage station
Turkmenistan increases import of Turkish-made electrical goods
Turkmenhimiya opens tender for turnkey construction of production complex
Several more Russian enterprises get right to export fish products to Azerbaijan
Uzbekistan to develop engineering and communication networks in Fergana region
Construction Cost Index increases in Georgia
Azerbaijan's ADIF reveals amount of сompensations made to depositors of closed banks
Russia records over 6,400 new coronavirus cases
Platform installed in field of Iranian Offshore Oil Company
Italy eyes to create saffron plantations in Uzbekistan
EBRD allocates loan to Georgian Oil and Gas Corporation
Turkmenistan to create international legal instrument of energy transit
Azerbaijani oil prices rebound
S. Korean commercial vehicle plant to be constructed in Uzbek region
Speaker of Azerbaijan's Parliament meets with Russian FM (PHOTO/VIDEO)
Ismail Seralgeldin: UN should activate all possible diplomatic channels to search for just settlement of Karabakh conflict
Iran improves trade balance of agricultural goods
Georgia reports 227 new COVID-19 cases
Chairperson of Azerbaijani Parliament: We hope Russia make its best to resolve Nagorno-Karabakh conflict
Coca Cola Bottlers Georgia sets to produce new brand of mineral and fresh water
Azerbaijani entrepreneurs developing economic ties with business entities in Europe, Asia
Oil falls after surprise increase in U.S. crude inventories
Former ambassador: Azerbaijan performs Non-Aligned Movement's struggle against occupation
Shell’s and Total’s portfolios could be of interest to BP: studies
Digital growth: working towards gender equality in IT in Azerbaijan (PHOTO)
India's coronavirus infections surge again after dip
Australia's virus hotspot may speed up lifting curbs as cases fall
Parliament chairperson: Illegal settlement of Syrian, Lebanese Armenians in occupied Karabakh is concerning
Turkmenistan reviews impact of transport on climate change with ESCAP participants
German consumer morale brightens less than expected
Amazon launches climate-friendly program to help shop for sustainable products
Speaker of Azerbaijan's Parliament: "Who dies for fascism, dies for Armenia" - too dangerous of expression (PHOTO)
Turkmenistan, EU to create cooperation roadmap
Yandex negotiated Tinkoff Bank acquisition with TCS Group for $5.48 bln
All news