Business sentiment among large companies in the April-June quarter hit the lowest level in 11 years amid fallout from the coronavirus pandemic, a government survey showed Thursday.

The confidence index covering firms capitalized at ¥1 billion ($9.3 million) or more plunged to minus 47.6 from minus 10.1 the previous quarter, logging its third consecutive quarterly decline, the joint survey by the Finance Ministry and Cabinet Office showed.

The index was the lowest since the first quarter of 2009, when it came to minus 51.3 in the midst of the global financial crisis following the collapse of the U.S. housing bubble.