Japan’s business confidence slumps to over 2-year low

ISTANBUL

Japan’s business confidence in March worsened for the fifth straight quarter, dropping to the lowest level in over two years, the country’s central bank said on Monday.

According to the Kyodo news agency, the decline stemmed from higher raw material costs and forecasts of slowing global economic growth.

The confidence among auto and electronics sectors dropped from seven in December to one in March, below the expectation of three.

Confidence among firms dealing with oil and coal products, paper and pulp as well as food all deteriorated as they remained pessimistic.