The latest surveys of Japanese manufacturers pointed Monday to a slowdown for 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 showed confidence deteriorated in March compared with December. The main index for major manufacturers fell to 12 in March from 19 in December, the biggest drop in that measure in more than seven years.
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The index shows the percentage of companies reporting positive conditions minus the percentage reporting unfavorable ones.
Meanwhile, another survey of factory purchasing managers, the Nikkei Manufacturing PMI, also showed the outlook darkening with slowing demand both in Japan and abroad. At 49.2 in March, it was slightly above February’s reading of 48.9, but below the 50 level that indicates expansion.
