Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: goldsnow who wrote (9157)	4/1/1998 7:12:00 PM
From: Bobby Yellin	Respond to of 116756

techstocks.com

To: goldsnow who wrote (9157)	4/1/1998 9:11:00 PM
From: kingfisher	Read Replies (2) \| Respond to of 116756

Japan outlook very grim.Brace yourselves! [ Business \| US Market \| Industry \| IPO \| S&P \| International \| PRNews \| BizWire \| Finance Home ] ------------------------------------------------------------------------ Wednesday April 1, 8:34 pm Eastern Time Japan business confidence plummets in tankan poll TOKYO, April 2 (Reuters) - Business confidence has plunged deeper at Japanese companies large and small, a closely watched Bank of Japan survey showed on Thursday. The BOJ said its diffusion index for major manufacturers, a key gauge of business confidence, sank to minus 31 in March from minus 11 in December, when the previous survey was conducted. ''It's pretty catastrophic, really -- if anything, even worse than expectations,'' said Russell Jones, chief Asia economist at Lehman Brothers Japan Inc. ''Business confidence has plummeted, inventory levels have increased, the profit outlook is flat to negative, capex (capital spending) expectations down, and corporate perceptions of a credit crunch are extremely severe.'' Jesper Koll, chief economist at J.P. Morgan, said the survey confirmed that the Japanese economy had slipped into a very deep recession. ''We're just starting to see Japan's darkest hour.'' The tankan reading was far below the average forecast of minus 23 in a Reuters survey of 18 economists and much more pessimistic than the the minus 15 reading the companies themselves had forecast in the previous tankan survey. Lehman Brothers' Jones said the survey results were sending ''a very clear message here to policy-makers, both at the Ministry of Finance and the Bank of Japan, that the country needs sizeable stimulus, and the sooner the better.'' Tokyo stocks fell in early trading, partly on the tankan results, in turn weaking the yen against the dollar. Japanese government bond prices rose. The tankan, conducted in late March, showed a diffusion index for big non-manufacturers of minus 30, compared with the Reuters average forecast of minus 28 and the December tankan forecast for March of minus 22. Confidence also slid at smaller companies. The tankan indices represent the percentage of companies reporting favourable conditions minus the percentage reporting unfavourable conditions. A negative reading means pessimistic firms outnumber optimistic ones. The poor showing, which was announced just minutes after Prime Minister Ryutaro Hashimoto left for an Asia-Europe summit in London, was sure to increase pressure on his government to take strong measures to spur the flagging economy. Hashimoto's ruling Liberal Democratic Party and its alliance partners have promised a stimulus package worth 16 trillion yen ($119 billion) but have not fleshed out details. ($1 equals 134 yen) ------------------------------------------------------------------------ Related News Categories: US Market News, international ------------------------------------------------------------------------ Help ------------------------------------------------------------------------ Copyright c 1998 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon See our Important Disclaimers and Legal Information. Questions or Comments?