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The business climate among major Japanese manufacturers has deteriorated for the third consecutive quarter due to concerns over increased trade frictions and the impact of natural disasters, said the president of the Bank of Japan. tankan The business climate survey showed Monday.
The key index measuring business confidence such as automotive and electronics was established at over 19 during the September survey, down 2 points per month. report to June. The result was lower than the average market forecast of over 22 in a Kyodo News survey.
By industry, companies selling production machinery were less optimistic about the slowdown in demand in the technology sector, while some feared the efforts of US President Donald Trump to reduce his country's trade deficit with regions such as the United States. China, the European Union and Japan.
Trump had threatened to impose high tariffs on automobiles, one of Japan's main exports, although he promised to sideline the plans last week as the two countries negotiate a trade deal bilateral.
The climate has further deteriorated in the petroleum and coal industry as crude oil prices have risen, while raw material costs have also weighed on steel manufacturers.
Major manufacturers were expecting an exchange rate of ¥ 107.40 against the dollar for the 2018 fiscal year, which is slightly lower than that of ¥ 107.26 expected during the year. June survey. In general, this would be a celebration for export-dependent manufacturers, but at higher import costs.
At the same time, the index of large firms other than manufacturers, including the service sector, was + 22, down 2 points from the previous survey, in part because of a series of disasters. this summer, including massive floods caused by torrential rains in western Japan in July and Typhoon Jebi. early September.
The latter caused the shutdown of Osaka's main airport, with hotels and restaurants citing a lull in incoming tourists in the BOJ's poll. Transport companies have also blamed a stop of distribution channels because of disasters.
Large corporations, with capital of more than 1 billion yen, in the manufacturing and non-manufacturing sectors, plan to increase their investment spending by 13.4% during the year to March in March. year-ago, down 0.3 percentage points from the prior year. June.
The same category reported continuing to suffer from a severe shortage of workers, with the index of working conditions falling to minus 23, the lowest since February 1992.
The BOJ surveyed 9,901 companies between August 27 and September 28, of which 99.6% responded.
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