TOKYO -- Japanese asset managers worry the nation's businesses may be stung by Britain's decision to leave the European Union, according to a new monthly survey released on Monday.
In QUICK's July survey of asset management chiefs at institutional investors, about 30% of respondents said Brexit would negatively affect "the entire export business." Roughly the same ratio said it would hurt "businesses that rely heavily on Europe."
Nearly 20% answered that the U.K.'s departure would affect "all Japanese businesses."
In terms of Brexit's effects on Japanese corporate earnings, more than 10% said significant pain would be limited to businesses operating in the U.K. But less than 10% said there would be "no particular impact," indicating that most asset managers believe Brexit will have a least some consequences for Japanese companies.
Asked how far the negative ripples will spread in the global economy, about 40% said Brexit will affect all European Union members while about the same percentage answered that the impact will "spread throughout the world."
The survey also shows that asset managers do not expect a significant rebound in Japanese stock prices by this fall. On average, they expect the Nikkei Stock Average to be at 15,883 at the end of September, roughly on par with the current level.
QUICK, a Nikkei group member, polled 162 investment managers at banks and fund management companies. The monthly survey was conducted on July 5-7.