Big manufacturers in Japan remained gloomy in February and the service-sector mood slid for a second straight month, a Reuters' poll showed, a sign that the global slowdown is holding back the country's recovery from COVID-induced economic doldrums.
Questions for the Feb. 8-17 poll were sent to 493 large Japanese non-financial firms, of which 244 responded, all on condition of anonymity.
Many firms also complained about rises in energy and commodity prices and weakness of the yen, both factors that have driven up import bills, increasing the cost of doing business, the poll showed. Firms were cautious about increasing capital spending to raise exports in part because of the war in Ukraine, U.S.-China frictions and possible rises in infections in China following the lifting of COVID-19 controls there.
A manager at a transport company commented: "The environment surrounding logistics and manufacturing remains severe due to coronavirus, chip shortages, yen weakness, price rises in raw materials, the Ukraine crisis and shortages of fuel and crops."
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