Survey finds bleak outlook for Japanese companies in 2023

By YURI KAGEYAMA
Associated Press

TOKYO (AP) — A survey shows major Japanese companies are expecting hard times in 2023 due to higher costs and the yen’s weakness against other currencies. The survey of 117 companies by the Kyodo News service found just over half, or 56%, expect the economy to grow this year. That was down sharply from 84% a year earlier. The bleak outlook reflects worries over a possible global recession as central banks in the U.S. and other major economies raise interest rates to counter inflation. The war in Ukraine has pushed prices of oil and other raw materials higher while at the same time the yen has weakened against the dollar. That has raised risks for the world’s third-largest economy.