Japan tankan survey points to prolonged recession

JAPAN - Japanese business confidence sagged for a fourth straight quarter to a near three-year low in December, a key Bank of Japan survey showed on Wednesday, as big firms braced for a long recession and slashed spending plans.

Although not as grim as many economists had expected, the fall in the widely-watched "tankan" comes less than a week after data showed Japan slipping back into recession and is expected to keep up pressure on the BOJ to further loosen its credit policy.

"The outlook for

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