Business confidence among major Japanese manufacturers worsened for the first time in four quarters, falling to 11 in March from 13 three months earlier, reflecting a sharp drop in the auto sector caused by production cuts, the Bank of Japan's Tankan survey showed Monday. The average market forecast was 9 in a Kyodo News survey for the reading of the key index measuring confidence among companies such as those in the auto and electronics sectors. But large nonmanufacturers, including the service sector, benefited from a revival of inbound tourism and the passing of higher costs on to consumers. The index improved for ... (full story)