Business sentiment among large Japanese manufacturers in June plunged to the lowest level since June 2009 due to the economic fallout from the novel coronavirus pandemic, the Bank of Japan's tankan survey showed Wednesday.
The key index measuring confidence among companies including carmakers and electronics firms plummeted to minus 34 from minus 8 in March, marking the lowest number since the 2008-2009 global financial crisis. The result was weaker than the average of minus 31 forecast in a Kyodo News poll.
The global spread of COVID-19 has forced many manufacturers in the country to temporarily halt production due to the disruption of supply chains and falling demand for products, with all 16 sectors logging declines from the previous quarter.