Japan Executives More Pessimistic

Business confidence at Japan’s recession-hit small and medium-sized manufacturers has fallen to a record low, a central bank report showed today.

Sentiment surpassed the level recorded in September, which was the worst since the Bank of Japan’s widely watched tankan survey began in 1967.

The index for those companies came to -60, worse than the previous record low of -57 in the last survey released in September. The September figure had exceeded the prior record low of -51 in May 1975.

Corporate confidence continues to fall as Japan’s economy fails to produce evidence that it has hit bottom and is ready to rebound from its worst recession in more than 50 years.