According to Reuters, confidence among major Japanese manufacturers has dropped the most in eight months, while morale in the services sector has also fallen amid concerns that a slowing Chinese economy would drag on global and domestic growth, a Reuters poll for September showed on Wednesday.
Key Quote
“Our business conditions are not so good due to uncertainty surrounding the global economy such as geopolitical risks stemming from a prolonged war in Ukraine and rising tension between U.S.-China frictions,”
“Overseas markets, particularly in China, are slumping and domestic demand is also languishing,”
Market reaction
The above statement fails to move the needle around the Japanese Yen. USD/JPY is trading at 147.10, up 0.01% on the day.
Source: https://www.fxstreet.com/news/fears-of-a-china-led-global-downturn-dampen-japans-business-outlook-202309122322