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Business confidence in most sectors has plunged sharply and may slip further, according to the Bank of Japan’s quarterly “tankan” survey of business sentiment released Monday.

The deepening pessimism reflects not only stagnant consumption and housing investment following the consumption tax hike in April, but also the collapse of major financial institutions and Asia’s financial crises. Firms also face difficulties in borrowing money from banks, which are trying to shrink their assets, according to the survey.

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