Japanese big companies plan deeper spending cuts as profits slump - the real story behind Japanese Tankan Sentiment rise
Susan Malhotra
Sep. 30, 2009

The Tankan index of sentiment among large manufavturers of cars, electronics and other goods climbed to minus 33 from minus 48 in June. But behind the slight glimmer of hope lies a big story of the coming global depression.

Large enterprises plan to reduce capital spending by 11 percent in the year ending in March 2010, more than the 9.5 percent reduction foreseen three months ago and the 9 percent decrease forecast by economists. According to the Tankan sentiment indicator, Big companies see profits falling 22 percent this fiscal year.

Large enterprises plan to cut capital spending by 10.8 percent in the year ending March 2010, more than the 9.4 percent reduction foreseen three months ago.

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