Japan’s central bank, the Bank of Japan released it’s quarterly Tankan survey Monday, in it, suggesting that Japanese business confidence has made the largest fall in over 30 years.

Just one year ago, Japan’s quarterly survey was reporting the strongest business confidence metrics of all time, but, analysts say that this fall of 21 points (to a total of negative 24) on the confidence index was entirely expected.

This metric is strongly correlated to job cuts, and corporate spending, it’s safe to assume that such a change will bring with it further cuts and a stronger recession in Japan.

The Japanese yen gained over 15% against the U.S. dollar this quarter.

Japanese parliament passed a bill last week which would introduce a $255 billion U.S. economic stimulus package, and a large set of tax cuts.

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