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Policy Research Institute

 

Business Outlook Survey 

(January-March 2005)

1.Business conditions

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

(percent point)

 

 

Oct.-Dec.
2004
(previous)

 

Jan.-Mar.
2005 
(present)

 

Apr.-Jun.
2005

(outlook)

 

Jul.-Sept.
2005
(outlook)

Corporations with capital of 1 billion yen or over
All industry

2.1

0.6

3.6 9.8
 Manufacturing

-1.3

-7.6

1.9 9.2
 Non-manufacturing

4.1

5.5

4.7 10.1
Corporations with capital of 100 million to 1 billion yen
All industry

-0.6

-9.7

3.4 9.4
 Manufacturing

0.7

-18.7

7.8 14.4
 Non-manufacturing

-1.1

-6.9

2.1 7.8
Corporations with capital of 10 to 100 million yen
All industry

-14.5

-24.3

-11.1 -7.3
 Manufacturing

-10.0

-24.6

-9.1 -3.8
 Non-manufacturing

-15.5

-24.2

-11.5 -8.1

 

2.Domestic economic conditions

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

(percent point)

 

 

 Oct.-Dec.
2004
(previous)

 

Jan.-Mar.
2005
(present)

 

Apr.-Jun. br> 2005
(outlook)

 

Jul.-Sept.
2005
(outlook)

Corporations with capital of 1 billion yen or over
All industry

4.3

-0.3 4.4 8.3
 Manufacturing

0.3

-6.1 4.4 6.9
 Non-manufacturing

6.8

3.2 4.4 9.1
Corporations with capital of 100 million to 1 billion yen
All industry

2.4

-6.6 4.9 8.3
 Manufacturing

0.1

-12.4 7.8 10.2
 Non-manufacturing

3.2

-4.8 4.0 7.7
Corporations with capital of 10 to 100 million yen
All industry

-14.9

-21.1 -10.6 -6.8
 Manufacturing

-13.6

-18.4 -11.1 -4.2
 Non-manufacturing

-15.2

-21.7 -10.5 -7.4

 

3.Sales(compared with the previous year)

(percent)

 

FY 2004

 

1st half   FY 2004

2nd half   FY 2004

 

  FY 2005

1st half   FY 2005

2nd half   FY 2005

All industry 3.1 4.8 1.5 1.0 0.5 1.5
 Manufacturing 8.1 11.3 5.2 0.5 0.3 0.7
 Non-manufacturing 0.7 1.6 -0.3 1.3 0.7 1.8

 

4.Current profits (compared with the previous year)

(percent)

 

FY 2004

 

1st half   FY 2004

2nd half   FY 2004

 

  FY 2005

1st half   FY 2005

2nd half   FY 2005

All industry 7.7 15.8 1.4 8.2 7.7 8.6
 Manufacturing 18.9 30.3 9.7 4.9 -0.5 10.0
 Non-manufacturing 1.0 6.8 -3.6 10.5 14.2 7.7

              

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

(percent)

 

FY 2004

 

1sthalf   FY 2004

2nd half   FY 2004

 

  FY 2005

1st half   FY 2005

2nd half   FY 2005

All industry 5.0 -0.1 9.6 -7.4 2.5 -16.1
 Manufacturing 17.7 13.8 21.1 0.2 15.0 -13.1
 Non-manufacturing -1.3 -6.9 3.7 -11.3 -4.1 -17.7

 

6.Employment

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

(percent point)

 

 

Oct.-Dec.
2004
(previous)

 

 Jan.-Mar.
2005
(present)

 

Apr.-Jun.
2005

(outlook)

 

Jul.-Sept.
2005
(outlook)

Corporations with capital of 1 billion yen or over
All industry

6.2

8.4 3.4 4.1
 Manufacturing

0.3

2.8 0.0 0.2
 Non-manufacturing

9.8

11.8 5.4 6.4
Corporations with capital of 100 million to 1 billion yen
All industry

10.9

10.3 4.3 4.5
 Manufacturing

7.9

4.0 -0.9 -0.3
 Non-manufacturing

11.9

12.2 6.0 6.1
Corporations with capital of 10 to 100 million yen
All industry

9.5

9.1 3.5 3.3
 Manufacturing

8.7

6.5 6.3 4.0
 Non-manufacturing

9.6

9.6 2.9 3.1