Japanese manufacturers' sentiment soured in the first quarter to its worst level in more than two years, eclipsing an uptick in service-sector mood, a central bank survey showed, reinforcing views a strong post-COVID economic recovery is some time away.
Corporate inflation expectations hit a fresh high with firms projecting inflation to stay above the Bank of Japan's 2% target five years ahead, the "tankan" showed on Monday.
"External factors will continue to weigh on business morale in coming months" as the global economy slows under the weight of U.S. and European monetary tightening, said Takeshi Minami, chief economist at Norinchukin Research Institute. Sentiment soured for a broad sector of manufacturers with many firms complaining of the impact of rising raw material and fuel costs, as well as slowing overseas growth and slumping chip demand, a BOJ official told a briefing.
The survey will be among key data the BOJ will scrutinise in producing fresh quarterly growth and inflation estimates at its April 27-28 meeting - the first one to be chaired by Ueda.
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