Business confidence deteriorated further in the April-June period from the previous quarter to its lowest level in 21/2 years, mainly on a continued decline in stock prices and exports, the government said Wednesday.
The Business Survey Index sank to minus 38 from the minus 31 recorded in the January-March quarter, down for the third straight month to its lowest point since the minus 41 recorded in the October-December period of 1998, the Cabinet Office said.
It was also the third consecutive negative quarter for the index, meaning the percentage of corporate managers believing the economy deteriorated from the previous quarter outpaced that of those with positive views.