TOKYO : Japanese manufacturers' mood soured in the final quarter of 2022 to the lowest in nearly two years, a central bank survey showed, as cost pressures and the prospects of slowing global demand clouded the outlook for the world's third-largest economy.
The mixed outcome highlights the challenge policymakers face in prodding companies to raise wages and compensate households for the rising cost of living - a factor the BOJ sees as crucial for inflation to sustainably hit its 2 per cent goal. The headline index for big manufacturers' sentiment fell to plus 7 in December from plus 8 in September, the tankan showed, worsening for the fourth straight quarter and marking the lowest level since March 2021. It compared with a median market forecast for a reading of plus 6.
Big firms expect to increase capital expenditure by 19.2 per cent in the current fiscal year, which ends in March 2023, after a 2.3 per cent decline in the previous year, it showed.
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