The Bank of Japan released its Tankan survey this week, which measures Japanese producers’ confidence in the economy. The numbers were not good, meaning Japanese are not optimistic about the state of their economy. Many fear Japan is headed towards its 4th recession in less than 15 years. As a result, Japan experienced a substantial outflow of capital, as nervous investors moved their money to more stable economies. The removal of assets trickled down to the exchange rate, as the Japanese Yen fell over 1% against all major currencies. Business confidence is at a 4 year low, and investors are already speculating on the results of next month’s survey. Bloomberg news reports:

A foreign-exchange strategist in Tokyo at Deutsche Bank AG said, "People want proof the economy is recovering. The yen is going to fall."

Read More: Yen Falls on Tankan