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Business Outlook Survey

(April-June 2020)

Jun.11, 2020

1. Business conditions

Business survey index

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

 
(%points)
   Jan.-Mar.
2020
(previous)
 Apr.-Jun.
2020
(present)
 Jul.-Sep.
2020
(outlook)
 Oct.-Dec.
2020
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -10.1 -47.6 -6.6 2.3
Manufacturing -17.2 -52.3 -7.9 6.6
Non-manufacturing -6.6 -45.3 -6.0 0.2
Corporations with capital of 100 million to 1 billion yen
  All industries -13.1 -54.1 -17.3 -2.3
Corporations with capital of 10 to 100 million yen
  All industries -25.3 -61.1 -27.2 -12.2

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Jan.-Mar.
2020
(previous)
 Apr.-Jun.
2020
(present)
 Jul.-Sep.
2020
(outlook)
 Oct.-Dec.
2020
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -20.9 -71.2 -18.6 -2.9
Manufacturing -22.4 -70.3 -15.7 0.3
Non-manufacturing -20.2 -71.7 -20.1 -4.5
Corporations with capital of 100 million to 1 billion yen
  All industries -25.5 -79.7 -40.2 -11.8
Corporations with capital of 10 to 100 million yen
  All industries -38.2 -78.6 -51.0 -24.3

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Mar.
2020
(previous)
End of Jun.
2020
(present)
End of Sep.
2020
(outlook)
End of Dec.
2020
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 21.9 3.8 6.3 8.1
Manufacturing 11.0 -6.3 -0.7 3.7
Non-manufacturing 27.2 8.6 9.6 10.2
Corporations with capital of 100 million to 1 billion yen
  All industries 31.7 3.5 7.2 10.1
Corporations with capital of 10 to 100 million yen
  All industries 28.3 1.2 4.8 8.4

4. Sales (compared with the previous year)

 
(%)
  FY 2020
All industries -5.2
Manufacturing -4.2
Non-manufacturing -5.5

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2020
All industries -23.5
Manufacturing -27.4
Non-manufacturing -22.0

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

 
(%)
  FY 2020
All industries -4.4
Manufacturing -1.9
Non-manufacturing -5.8

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.