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TOKYO – The latest survey of Japanese manufacturers revealed Monday a slowdown in the world's third largest economy, with demand slowing both at home and abroad.
The Bank of Japan's quarterly "tankan" survey of major companies revealed a deterioration of confidence in March compared with December. The main index for major manufacturers fell from 19 in December to 12 in March, the largest decline in more than seven years.
The index shows the percentage of companies reporting positive conditions minus the percentage reporting adverse conditions.
At the same time, another survey of factory purchasing managers, the Nikkei Manufacturing PMI, also showed that the outlook was clouding with slowing demand, both in Japan and abroad. At 49.2 in March, it was slightly higher than the figure of 48.9 set in February, but below the level of 50 indicating expansion.
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