Report reveals gloom among Japanese manufacturers

Japanese manufacturers are increasingly gloomy about their prospects as exports take a hit from antagonism with China over a territorial dispute, a quarterly survey by Japan’s central bank showed.

The Bank of Japan’s “tankan” index for the December quarter slumped to minus 12 from minus 3 in the previous quarter, a result that was much worse than expected. A reading below zero means pessimistic views outnumber optimists.