The Bank of Japan's latest quarterly Tankan survey shows that business confidence among large manufactures plunged to the lowest level in over a decade. That's as the Japanese economy has been hit hard by the coronavirus pandemic.
It shows that sentiment at large manufactures fell to minus 34. The previous survey was minus 8.
The index shows the difference between the percentage of companies saying business is good and those saying it's bad.
The index declined for the sixth straight quarter to its lowest since 2009.
That's due to a sharp drop in exports and production in April and May, when Japan was under a state of emergency.
Business sentiment also worsened among non-manufacturing sectors such as tourism and retail.