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Companies team for technologies
TOKYO, Dec. 15 (UPI) -- The Bank of Japan said Wednesday the confidence of the nation's largest manufacturers has fallen for the first time in more than two years.
The bank's quarterly Tankan survey found business confidence among big manufacturers fell during September through November for the first time in seven quarters, the Kyodo news agency reported.
The Tankan business sentiment index hit 22 for large manufacturers, compared with 26 in September,which ws the highest mark since the burst of Japan's bubble economy during the early 1990s.
Analysts said the deterioration marks concerns over inventory adjustments in information technology related products and slow growth in exports affected by a slowdown in overseas economies.
"This supports the view that we are not falling back into recession, but going through a soft patch," said Peter Morgan, chief economist at HSBC in Tokyo.
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