Japan firms plan to cut capex by 6.8% this fiscal year: survey By Reuters

Japan firms plan to cut capex by 6.8% this fiscal

© Reuters. FILE PHOTO: An employee wearing a protective face mask and face guard works on the automobile assembly line during the outbreak of the coronavirus disease (COVID-19) at the factory of Mitsubishi Fuso Truck and Bus Corp. in Kawasaki

TOKYO (Reuters) – Japanese companies plan to slash capital expenditure by 6.8% in the current fiscal year ending in March 2021, a quarterly survey by the Ministry of Finance showed on Friday.

The decline was bigger than a 4.4% fall projected three months ago, suggesting that slumping profits from the coronavirus pandemic was denting corporate spending appetite.

Manufacturers expect to reduce capital spending by 4.5% compared with a year earlier, while non-manufacturers plan a 8.1% reduction, the survey showed.

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