Large manufacturers suffered their steepest fall in confidence in 34 years as the global financial crisis eroded profits, especially for carmakers, the Bank of Japan "tankan" survey showed Monday.
The index's fall matched the 21-point slide in February 1975 and was the second-sharpest decline since the 26-point drop in August 1974 during the oil crises of the 1970s.
Large manufacturers' business sentiment plunged to minus 24, down 21 points from the previous survey in September, marking the lowest level since March 2002, when it was minus 38, according to the BOJ.
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