Policy Research Institute

 

Business Outlook Survey 

(January-March 2014)

 Mar. 12, 2014

1. Business conditions

Business survey index
(Difference of "up"-"down" compared with previous quarter)

(%points)

 

 Oct.-Dec.
2013
(previous)

 Jan.-Mar.
2014
(present)

 Apr.-Jun.
2014
(outlook)

 Jul.-Sep.
2014
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 8.3 12.7 -9.8 8.3
 Manufacturing 9.7 12.5 -9.4 8.5
 Non-manufacturing 7.5 12.8 -10.0 8.2
Corporations with capital of 100 million to 1 billion yen
  All industries 6.3 8.5 -15.4 5.6
 Manufacturing 6.4 7.2 -17.0 7.5
 Non-manufacturing 6.3 8.9 -14.9 5.0
Corporations with capital of 10 to 100 million yen
  All industries -0.1 0.1 -17.9 -3.6
 Manufacturing -5.3 2.9 -19.7 -2.5
 Non-manufacturing 0.9 -0.5 -17.5 -3.8

 

2. Domestic economic conditions

Business survey index
(Difference of "up"-"down" compared with previous quarter)

(%points)

 

 Oct.-Dec.
2013
(previous)

 Jan.-Mar.
2014
(present)

 Apr.-Jun.
2014
(outlook)

 Jul.-Sep.
2014
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 24.6 29.2 -21.3 9.3
 Manufacturing 23.0 25.1 -19.4 6.5
 Non-manufacturing 25.5 31.4 -22.3 10.9
Corporations with capital of 100 million to 1 billion yen
  All industries 26.3 30.2 -23.7 7.9
 Manufacturing 24.0 26.1 -22.5 7.2
 Non-manufacturing 27.0 31.5 -24.0 8.0
Corporations with capital of 10 to 100 million yen
  All industries 13.6 20.3 -22.9 -3.0
 Manufacturing 6.2 18.4 -23.7 -1.4
 Non-manufacturing 15.1 20.7 -22.7 -3.4

 

3. Employment

Business survey index
(Difference of "insufficient"-"excessive" )

(%points)

 

End of Dec.
2013
(previous)

End of Mar.
2014
(present)

End of Jun.
2014
(outlook)

End of Sep.
2014
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 7.9 10.0 3.8 3.9
 Manufacturing 1.1 2.4 -1.2 -0.7
 Non-manufacturing 11.5 14.1 6.5 6.3
Corporations with capital of 100 million to 1 billion yen
  All industries 15.1 17.4 8.7 8.6
 Manufacturing 4.1 8.5 0.3 2.7
 Non-manufacturing 18.4 20.1 11.2 10.5
Corporations with capital of 10 to 100 million yen
  All industries 16.5 19.1 8.5 7.6
 Manufacturing 14.1 16.6 4.4 4.5
 Non-manufacturing 17.0 19.6 9.3 8.2

 

4. Sales (compared with the previous year)

(%)

 

  FY 2013

  1st half

   FY 2013

  2nd half

   FY 2013

  FY 2014

  1st half

   FY 2014

  2nd half

   FY 2014

All industries 4.0 3.5 4.5 -0.1 0.2 -0.4
 Manufacturing 4.9 3.0 6.7 1.0 1.4 0.6
 Non-manufacturing 3.7 3.7 3.7 -0.5 -0.2 -0.7

          

   

5. Ordinary profits (compared with the previous year)

(%)

 

  FY 2013

  1st half

   FY 2013

  2nd half

   FY 2013

  FY 2014

  1st half

   FY 2014

  2nd half

   FY 2014

All industries 23.8 36.6 12.8 -4.8 -10.2 0.2
 Manufacturing 35.8 53.5 22.1 2.3 -3.9 7.9
 Non-manufacturing 18.5 29.7 8.4 -7.8 -12.7 -3.1

          

   

6. Software and investment in plant and equipment (compared with the previous year)

(%)

 

  FY 2013

  1st half

   FY 2013

  2nd half

   FY 2013

  FY 2014

  1st half

   FY 2014

  2nd half

   FY 2014

All industries 9.9 5.3 13.7 -5.1 3.6 -12.7
 Manufacturing 2.8 -8.5 13.5 2.4 22.3 -13.9
 Non-manufacturing 14.1 14.4 13.9 -9.2 -6.2 -11.9
Note:  Excludes expense purchasing land.