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Policy Research Institute

 

Business Outlook Survey 

(October-December 2014)

 Dec. 10, 2014

1. Business conditions

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

(%points)

 

 Jul.-Sep.
2014
(previous)

 Oct.-Dec.
2014
(present)

 Jan.-Mar.
2015
(outlook)

 Apr.-Jun.
2015
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 11.1 5.0 5.0 1.6
 Manufacturing 12.7 8.1 6.1 0.2
 Non-manufacturing 10.2 3.4 4.5 2.2
Corporations with capital of 100 million to 1 billion yen
  All industries 5.1 0.8 0.2 -1.0
 Manufacturing 2.6 1.0 -1.6 -0.5
 Non-manufacturing 5.8 0.8 0.7 -1.2
Corporations with capital of 10 to 100 million yen
  All industries -10.0 -10.1 -10.5 -8.2
 Manufacturing -9.5 -9.7 -12.1 -6.1
 Non-manufacturing -10.1 -10.2 -10.2 -8.6

 

2. Domestic economic conditions

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

(%points)

 

 Jul.-Sep.
2014
(previous)

 Oct.-Dec.
2014
(present)

 Jan.-Mar.
2015
(outlook)

 Apr.-Jun.
2015
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 15.8 4.3 4.0 3.5
 Manufacturing 16.7 5.0 3.3 2.4
 Non-manufacturing 15.4 3.9 4.3 4.2
Corporations with capital of 100 million to 1 billion yen
  All industries 10.0 -1.8 -2.0 0.1
 Manufacturing 6.9 -0.5 -3.5 -1.1
 Non-manufacturing 10.9 -2.2 -1.5 0.5
Corporations with capital of 10 to 100 million yen
  All industries -6.3 -18.1 -16.2 -10.8
 Manufacturing -7.5 -16.7 -16.8 -7.8
 Non-manufacturing -6.1 -18.4 -16.0 -11.4

 

3. Employment

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

(%points)

 

End of Sep.
2014
(previous)

End of Dec.
2014
(present)

End of Mar.
2015
(outlook)

End of Jun.
2015
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 9.8 11.6 9.7 6.2
 Manufacturing 2.9 4.6 2.5 1.3
 Non-manufacturing 13.4 15.3 13.4 8.8
Corporations with capital of 100 million to 1 billion yen
  All industries 20.5 22.4 19.2 11.6
 Manufacturing 9.1 11.6 8.8 3.5
 Non-manufacturing 23.9 25.6 22.3 14.1
Corporations with capital of 10 to 100 million yen
  All industries 16.7 18.0 14.7 10.3
 Manufacturing 12.6 15.2 10.2 8.0
 Non-manufacturing 17.6 18.6 15.7 10.8

 

4. Sales (compared with the previous year)

(%)

 

  FY 2014

  1st half

   FY 2014

  2nd half

   FY 2014

All industries 0.9 2.5 -0.5
 Manufacturing 1.2 2.5 0.1
 Non-manufacturing 0.8 2.5 -0.7

          

   

5. Ordinary profits (compared with the previous year)

(%)

 

  FY 2014

  1st half

   FY 2014

  2nd half

   FY 2014

All industries -1.1 5.2 -7.0
 Manufacturing 1.7 6.7 -3.0
 Non-manufacturing -2.3 4.6 -8.6

          

   

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

(%)

 

  FY 2014

  1st half

   FY 2014

  2nd half

   FY 2014

All industries 4.9 7.2 3.3
 Manufacturing 12.0 5.0 18.1
 Non-manufacturing 1.3 8.5 -3.2
Note:  Excludes expense purchasing land.