The business confidence of big manufacturers dipped below zero for the first time in more than five years in the latest Bank of Japan "tankan" survey released Wednesday.
Large manufacturers' business sentiment has dropped for four straight quarters and now stands at minus 3, down from plus 5 in the previous survey, according to the BOJ. The index last dipped below zero in the June 2003 survey.
Because 70 percent to 80 percent of responses to the tankan were submitted by Sept. 10, before the bankruptcy of Lehman Brothers Holding Inc. on Sept. 15 triggered the current turmoil in financial markets, the survey does not fully reflect the most recent business sentiment.
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