Fears of a China-led global downturn dampen Japan's business outlook

Market news

12 September 2023

Fears of a China-led global downturn dampen Japan's business outlook

According to Reuters, confidence among major Japanese manufacturers has dropped the most in eight months, while morale in the services sector has also fallen amid concerns that a slowing Chinese economy would drag on global and domestic growth, a Reuters poll for September showed on Wednesday.

Key Quote

"Our business conditions are not so good due to uncertainty surrounding the global economy such as geopolitical risks stemming from a prolonged war in Ukraine and rising tension between U.S.-China frictions,”

"Overseas markets, particularly in China, are slumping and domestic demand is also languishing,”

Market reaction

The above statement fails to move the needle around the Japanese Yen. USD/JPY is trading at 147.10, up 0.01% on the day.

AUD/NZD coasting near 1.0880 as markets await inspiration

AUD/JPY Price Analysis: Treads water around weekly highs, at around 94.40s

Market Focus

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