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Japanese business mood down in rising yen

12-15-2011 15:44 BJT

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A main policy gauge of the Japanese Central Bank shows a sobering business mood for Japan's economy in the past three months.

The Tankan survey shows December's sentiment index, which reflects broad growth trends in the economy for big manufacturers, dropped below its median estimate of minus 2, to minus 4.

The reading is a 6 point fall from plus 2 only three months ago. Analysts say the main reasons for the confidence plunge are the stubbornly strong yen, Europe's debt crisis and slowing global growth.

The negative reading is pressuring the BOJ to offer further monetary stimulus, however, the bank has signalled it prefers to save its limited fire-power in case the European crisis deepens.

The economic outlook for the country is also seen to be worsening, as big corporates cut their budgets for the year to next March due to lowered profit projections. But the central bank is sticking to the view that Japan is heading for a moderate recovery.

 

Editor:Liu Fang |Source: CNTV.CN

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