Japanese business confidence at new low

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TOKYO, March 23 (AFP): Business confidence among top Japanese executives has slumped to its lowest level in at least five years as the economic crisis batters corporate profits, a government survey showed today.
The gloomy snapshot of Japan Inc. showed that companies plan to slash their investment to weather the country's worst economic crisis since World War II.
Sentiment among large Japanese firms slumped to minus 51.3 points in the first quarter of 2009, down from minus 35.7 three months earlier, according to a joint survey by the finance ministry and the cabinet office.
The index fell for a second straight quarter, hitting the lowest level since comparable records began in early 2004.
The index represents the percentage of firms reporting improving business conditions minus that of companies reporting worsening conditions.