Japanese manufacturers turned pessimistic about business prospects for the first...
TOKYO - Japanese manufacturers turned pessimistic about business prospects for the first time in more than six years in August as the specter of a global downturn looms large amid the escalating Sino-U.S. trade war, the monthly Reuters Tankan survey showed on Monday.Concerns about weakening global demand intensified last week after a closely watched bond market indicator pointed to the growing risk of a U.S.
Confidence in the service sector also plunged, to plus 13 from plus 25 in July, due to big drops at wholesalers and retailers. That will raise questions over how much longer domestic demand can remain resilient enough to offset rising external pressures, with a rise in the domestic sales tax set for October.
“The selling price remains in a downtrend due to expansion of e-commerce markets, while a scheduled sales tax hike keep shoppers on guard against price increases,” a retailer manager wrote in the Reuters poll of 504 large- and mid-sized companies. A total of 258 firms responded on condition of anonymity.
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