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Policy Research Institute

 

Business Outlook Survey 

(July-September 2015)

 Sep. 11, 2015

1. Business conditions

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

(%points)

 

 Apr.-Jun.
2015
(previous)

 Jul.-Sep.
2015
(present)

 Oct.-Dec.
2015
(outlook)

 Jan.-Mar.
2016
(outlook)

Corporations with capital of 1 billion yen or over
  All industries -1.2 9.6 7.7 7.0
 Manufacturing -6.0 11.0 10.5 7.1
 Non-manufacturing 1.3 8.9 6.2 7.0
Corporations with capital of 100 million to 1 billion yen
  All industries -2.2 5.7 8.0 5.4
 Manufacturing -6.8 4.9 7.3 2.6
 Non-manufacturing -0.7 5.9 8.2 6.3
Corporations with capital of 10 to 100 million yen
  All industries -13.6 -11.2 -1.4 -4.5
 Manufacturing -10.0 -12.5 1.4 -3.0
 Non-manufacturing -14.4 -11.0 -1.9 -4.8

 

2. Domestic economic conditions

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

(%points)

 

 Apr.-Jun.
2015
(previous)

 Jul.-Sep.
2015
(present)

 Oct.-Dec.
2015
(outlook)

 Jan.-Mar.
2016
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 9.8 10.5 8.3 6.9
 Manufacturing 5.3 9.8 7.9 4.1
 Non-manufacturing 12.2 10.9 8.5 8.4
Corporations with capital of 100 million to 1 billion yen
  All industries 9.3 7.4 6.0 4.0
 Manufacturing 3.2 3.1 2.6 2.0
 Non-manufacturing 11.2 8.7 7.1 4.6
Corporations with capital of 10 to 100 million yen
  All industries -7.5 -8.8 -3.2 -4.5
 Manufacturing -5.2 -11.4 -1.2 -3.6
 Non-manufacturing -8.0 -8.3 -3.6 -4.6

 

3. Employment

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

(%points)

 

End of Jun.
2015
(previous)

End of Sep.
2015
(present)

End of Dec.
2015
(outlook)

End of Mar.
2016
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 10.6 11.6 10.1 9.1
 Manufacturing 4.2 6.3 4.0 2.5
 Non-manufacturing 13.9 14.4 13.3 12.6
Corporations with capital of 100 million to 1 billion yen
  All industries 20.4 22.0 19.3 17.5
 Manufacturing 10.4 13.7 11.5 8.8
 Non-manufacturing 23.5 24.6 21.7 20.2
Corporations with capital of 10 to 100 million yen
  All industries 17.3 18.3 17.6 14.6
 Manufacturing 13.8 16.3 15.6 10.3
 Non-manufacturing 18.0 18.7 18.0 15.5

 

4. Sales (compared with the previous year)

(%)

 

  FY 2015

  1st half

   FY 2015

  2nd half

   FY 2015

All industries 0.1 0.7 -0.4
 Manufacturing 0.2 0.8 -0.3
 Non-manufacturing 0.1 0.6 -0.4

          

   

5. Ordinary profits (compared with the previous year)

(%)

 

  FY 2015

  1st half

   FY 2015

  2nd half

   FY 2015

All industries 4.1 6.3 2.0
 Manufacturing 2.1 7.0 -2.3
 Non-manufacturing 5.0 6.0 4.0

          

   

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

(%)

 

  FY 2015

  1st half

   FY 2015

  2nd half

   FY 2015

All industries 6.1 14.1 0.0
 Manufacturing 13.6 24.8 5.2
 Non-manufacturing 1.9 8.2 -3.0
Note:  Excludes expense purchasing land.