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  3. Business confidence among Japan’s non-manufacturers and small companies rose to post-bubble highs in the three months to Decembe

Business confidence among Japan’s non-manufacturers and small companies rose to post-bubble highs in the three months to Decembe

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问题     Business confidence among Japan’s non-manufacturers and small companies rose to post-bubble highs in the three months to December, according to the Bank of Japan’s Tankan survey, indicating that the effects of the recovery are seeping into the broader economy. The diffusion index for large non-manufacturers—calculated by subtracting the number of pessimists from optimists—rose two points from the September survey to 17, the highest since February 1992.
    Although confidence among large manufacturers, the most closely watched Tankan index, rose less than expected, from 19 to 21, most economists said the survey overall pointed to sustained, if moderate, recovery. "The overall impression is very positive despite the somewhat weaker-than-expected headline number," said Mikihiro Matsuoka, economist at Deutsche Bank. Deutsche is predicting growth of 3.2 per cent in the year to April 2006 and 3 per cent in the fiscal year after that.
    Markets reacted to the Tankan less positively, with the Nikkei average falling nearly 2 per cent, its biggest drop in two months. Traders said the decline was the result of other factors as well, including heavy selling of steel stocks and a fall in the dollar to its lowest against the yen in two weeks. Manufacturers said they expected the confidence index to drop back in the March quarter, showing that they remain cautious about the near future. They also kept modest profit forecasts.
    On capital spending, large manufacturers said they expected to invest 17 per cent more in the year to March than last year, the third straight annual increase. Banks said they would ratchet up their spending on software, a possible sign that they are gearing up for expansion after years of shrinking their loan books. Improving sectors included electronic machinery, an engine of exports, which had been piling up inventories at the start of the year. Confidence at retailers fell from 10 to 7 because of a slack autumn, though evidence suggests consumer spending may have picked up again in the past few months.
Which of the following is NOT true according to the passage?
选项 A、Confidence at retailers declined in the last 3 months.
B、Manufacturers expected the confidence index to drop in the near future.
C、The business confidence index for large non-manufacturers was 15 in September.
D、Nikkei average decline indicates that recession will be going on.
答案D
解析
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