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Business trends

Japan's profit outlook plunges $18bn in worst downgrade in 7 years

Komatsu and Isuzu among exporters hurt by sluggish global economy

Construction equipment maker Komatsu has suffered from falling sales in Southeast Asia and other key markets. (Photo by Annu Nishioka)

TOKYO -- Listed Japanese companies have cut their full-year profit forecasts by over 2 trillion yen ($18.3 billion), the steepest downgrade in seven years, as a slowing global economy weighs on exporters.

About 70% of 574 major companies had lowered their net forecasts for the year ending next March as of Wednesday, according to data compiled by Nikkei as corporations reported first-half results.

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