The September Tankan survey by the Bank of Japan's Akita Branch showed that business conditions at companies in the prefecture deteriorated for the third consecutive quarter, with the business conditions index for all industries at minus 5. Manufacturing deteriorated 8 points, while nonmanufacturing deteriorated 1 point. Retail weakened as higher prices increased consumers' preference for saving.
According to the September Tankan survey released by the Bank of Japan's Akita Branch, a survey of business conditions at 143 companies in the prefecture found that the business conditions index for all industries stood at minus 5, marking a deterioration for the third consecutive quarter.
Manufacturing deteriorated 8 points from the previous quarter, turning negative, while nonmanufacturing also deteriorated 1 point. Overall, the deterioration in business conditions is deepening.
The Bank of Japan's Akita Branch cited consumers' growing preference for saving amid higher prices as a factor, noting that spending in the retail market was shifting to lower-priced drugstores and other outlets.