Japan Q1 big manufacturers’ mood down, seen falling further

A worker stands on a crane which is parked at a construction site at Keihin industrial zone in Kawasaki, south of Tokyo, June 13, 2012. REUTERS/Toru Hanai/File photo

TOKYO  — Japanese big manufacturers’ business confidence worsened in the three months to March compared with the previous quarter, the Bank of Japan’s closely-watched tankan survey showed on Monday.

The headline index for big manufacturers’ sentiment stood at plus 11 in the first quarter, versus plus 10 seen by economists in a Reuters poll, the March tankan survey showed.

The index for June was seen at plus 10, below plus 11 seen by economists.

READ: Japan’s March factory activity shrinks at slower pace, PMI shows

The survey also showed big firms plan to raise their capital spending by 4 percent in the financial year to March 2024, following a 11.5-percent increase expected for this fiscal year.