Bank of Japan survey shows business confidence down

The Bank of Japan's quarterly Tankan survey shows that major manufacturers were less confident about the economy in June compared with the previous period. It's the first decline in six quarters.
The central bank released on Tuesday the results of the survey conducted last month, according to Japan's (NHK WORLD) website.
Sentiment at major manufacturers stood at plus 12 points. That's down from plus 17 points in March.
Possible reasons for the decline are sluggish domestic sales of goods like automobiles and electrical appliances in the April-June period compared to a last-minute rise in demand before the consumption tax hike in April.
Exports were also sluggish during the quarter.
But large manufacturers forecast a 3-point improvement in the quarter that has just started. That reflects their view that the economic slowdown due to the tax hike may be temporary.