Japan's business sentiment declines in August amidst China's slowdown

Expresses concern about increasing raw materials costs and exchange rates

Business sentiment in Japan decreased in August due to the slowdown in China, a monthly Reuters Tankan survey said.

The Bank of Japan recently raised interest rates to levels not seen in 15 years and outlined plans to reduce bond-buying.

The sentiment index for manufacturers in August was plus 10, a slight decrease from July.

Manufacturers predict the index will drop further to plus five in the next three months.

Concerns were raised about sluggish auto sales in China, with managers from various industries including chemicals, steel, and electronics machinery also noting the impact of subdued demand in China on their business sentiment.

Issues like higher inflation and market volatility were also highlighted in the survey, with uncertainty around factors like raw material costs and exchange rates increasing.

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