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June 30, 2022, 8:17 p.m. EDT

Japan Sentiment for Large Manufacturers Deteriorates, Tankan Survey Shows

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By Megumi Fujikawa

TOKYO--Sentiment among Japan's large manufacturers deteriorated in the three months to June, reflecting concerns over lockdown in Shanghai and prolonged supply shortages.

The main index for sentiment among large manufacturers was +9, compared with +14 in the March survey, according to the Bank of Japan's quarterly tankan corporate survey released Friday. The reading marked the second straight quarter of lower sentiment and was below a projection for +12 from a poll of economists by data provider Quick.

The index represents the percentage of companies who said business conditions were favorable minus those saying conditions were unfavorable.

The index measuring large non-manufacturers' sentiment improved to +13 from +9 in the previous survey. Restaurants and retailers are gradually returning to normal operations after the number of Covid-19 cases declined.

Meanwhile, big companies plan to increase capital expenditures by 18.6% for the fiscal year ending March 2023, compared with plans for a 2.2% increase in the previous March survey.

Write to Megumi Fujikawa at megumi.fujikawa@wsj.com

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