Bank of Japan survey shows confidence on the wane

The Bank of Japan is likely to adopt a more dovish monetary policy stance and revise growth estimates downwards on the back of a poorer-than-expected Tankan survey.

The latest edition of closely watched quarterly survey, published on 1 April, showed that the index of confidence of large manufacturers fell to 11, eight points lower than in the December 2007 survey.

This figure, which represents the percentage of companies saying business conditions are good minus those saying that they are

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