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Policy Research Institute

 

Business Outlook Survey 

(October-December 2004)

1.Business conditions

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

(percent point)

 

Jul.-Sept.
2004
(previous)

 

 Oct.-Dec.
2004
(present)

 

Jan.-Mar.
2005
(outlook)

 

Apr.-Jun.
2005
(outlook)

Corporations with capital of 1 billion yen or over
All industry

9.6

2.1

4.1 3.4
 Manufacturing

12.8

-1.3

1.6 2.3
 Non-manufacturing

7.6

4.1

5.6 4.1
Corporations with capital of 100 million to 1 billion yen
All industry

2.8

-0.6

-4.4 3.6
 Manufacturing

10.0

0.7

-10.3 4.1
 Non-manufacturing

0.6

-1.1

-2.6 3.5
Corporations with capital of 10 to 100 million yen
All industry

-17.8

-14.5

-16.3 -8.6
 Manufacturing

-10.0

-10.0

-16.7 -6.6
 Non-manufacturing

-19.4

-15.5

-16.2 -9.1

 

2.Domestic economic conditions

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

(percent point)

 

Jul.-Sept.
2004
(previous)

 

 Oct.-Dec.
2004
(present)

 

Jan.-Mar.
2005
(outlook)

 

Apr.-Jun.
2005
(outlook)

Corporations with capital of 1 billion yen or over
All industry

21.8

4.3 1.0 4.4
 Manufacturing

22.2

0.3 -1.0 4.3
 Non-manufacturing

21.6

6.8 2.2 4.5
Corporations with capital of 100 million to 1 billion yen
All industry

18.0

2.4 -4.2 2.0
 Manufacturing

22.1

0.1 -10.1 0.6
 Non-manufacturing

16.7

3.2 -2.4 2.4
Corporations with capital of 10 to 100 million yen
All industry

-7.6

-14.9 -14.0 -8.0
 Manufacturing

-1.8

-13.6 -16.7 -5.0
 Non-manufacturing

-8.8

-15.2 -13.5 -8.7

 

3.Sales(compared with the previous year)

(percent)

 

FY 2004

 

2nd half      FY 2004

 

All industry

2.9

1.6

 Manufacturing

7.1

4.2

 Non-manufacturing

0.9

0.4

 

4.Current profits (compared with the previous year)

(percent)

 

FY 2004

 

2nd half      FY 2004

 

All industry

10.1

5.4

 Manufacturing

21.0

13.2

 Non-manufacturing

3.5

0.7

              

5.Investment in plant and equipment (compared with the previous year)

(percent)

 

FY 2004

 

2nd half      FY 2004

 

All industry

5.8    

10.8    

 Manufacturing

17.2    

19.1    

 Non-manufacturing

0.4    

6.8    

 

6.Employment

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

(percent point)

 

Jul.-Sept.
2004
(previous)

 

 Oct.-Dec.
2004
(present)

 

Jan.-Mar.
2005
(outlook)

 

Apr.-Jun.
2005
(outlook)

Corporations with capital of 1 billion yen or over
All industry

4.1

6.2 5.2 2.1
 Manufacturing

1.9

0.3 -0.2 -1.3
 Non-manufacturing

5.5

9.8 8.5 4.2
Corporations with capital of 100 million to 1 billion yen
All industry

8.7

10.9 7.0 3.3
 Manufacturing

9.9

7.9 3.0 3.1
 Non-manufacturing

8.4

11.9 8.2 3.4
Corporations with capital of 10 to 100 million yen
All industry

7.5

9.5 4.5 1.8
 Manufacturing

7.6

8.7 4.4 2.3
 Non-manufacturing

7.5

9.6 4.5 1.7