Japanese business sentiment hits four-year low

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TOKYO, June 23 (AFP): Sentiment among top Japanese executives has slumped to the worst level in at least four years, a government survey showed today, adding to concerns about the outlook for Asia's largest economy.

The souring sentiment comes as firms struggle to cope with the rising cost of energy and raw materials, a weaker global economy and a stronger yen, which is bad for overseas earnings.

The index of sentiment among large Japanese firms slumped 5.9 points in the second quarter of 2008 from the previous quarter to minus 15.2, according to a survey of 14,980 firms by the finance ministry and the cabinet office.

The index fell for a third straight quarter, hitting the lowest level since comparable records began four years earlier.

Sentiment among large manufacturers fell 2.2 points to minus 15.1 while the index for big non-manufacturers plunged 8.1 points to minus 15.3.

The index represents the percentage of firms reporting improving business conditions minus that of companies reporting worsening conditions.