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Japanese big makers' business confidence marks 1st negative in seven yrs

TOKYO, April 1 (KUNA) -- Business confidence among major Japanese manufacturers dripped into the negative territory for the first time in March as the coronavirus outbreak undermines business activities, the Bank of Japan said Wednesday.
The central bank's quarterly survey showed the business sentiment index among big manufacturers, such as automakers and electronics makers, in the world's third-largest economy fell to minus 8 points, compared with zero point in the previous December survey.
The reading posted the lowest level since March 2013, when it also posted minus 8. Confidence among large retailers, banks, real estate companies and other non-manufacturers also dived to plus 8 from plus 20.
The index represents the percentage of companies which are positive about their business minus the percentage of those who gave negative replies. Thus, a negative number means pessimists outnumber optimists. The central bank's "tankan," which means short-term economic outlook, is Japan's most closely watched index of business confidence.
Looking ahead, large manufacturers expect their business sentiment index to further deteriorate to minus 11 in the next survey in July amid increasing fears over the impact of the global coronavirus pandemic on exports and production, while large non-manufacturers predict the index to worsen to minus 1. The latest poll was conducted between Feb. 25 and March 31, covering 9,653 companies, of which 99.0 percent responded. (end) mk.mt