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Business Outlook Survey

(January-March 2022)

Mar.11, 2022

1. Business conditions

Business survey index

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

 
(%points)
   Oct.-Dec.
2021
(previous)
 Jan.-Mar.
2022
(present)
 Apr.-Jun.
2022
(outlook)
 Jul.-Sep.
2022
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 9.6 -7.5 4.7 6.5
Manufacturing 7.9 -7.6 5.9 7.1
Non-manufacturing 10.4 -7.4 4.1 6.3
Corporations with capital of 100 million to 1 billion yen
  All industries 10.7 -9.6 6.5 10.9
Corporations with capital of 10 to 100 million yen
  All industries -3.0 -26.2 -5.6 0.9

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Oct.-Dec.
2021
(previous)
 Jan.-Mar.
2022
(present)
 Apr.-Jun.
2022
(outlook)
 Jul.-Sep.
2022
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 22.0 -16.3 9.2 8.5
Manufacturing 17.7 -10.5 8.3 6.8
Non-manufacturing 24.0 -19.1 9.6 9.3
Corporations with capital of 100 million to 1 billion yen
  All industries 20.8 -22.5 8.1 12.5
Corporations with capital of 10 to 100 million yen
  All industries 1.1 -36.6 -4.0 3.3

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Dec.
2021
(previous)
End of Mar.
2022
(present)
End of Jun.
2022
(outlook)
End of Sep.
2022
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 14.7 17.1 11.8 9.8
Manufacturing 12.2 14.7 11.2 7.3
Non-manufacturing 15.8 18.3 12.1 11.0
Corporations with capital of 100 million to 1 billion yen
  All industries 26.5 27.9 22.1 19.1
Corporations with capital of 10 to 100 million yen
  All industries 19.8 20.5 17.1 15.2

4. Sales (compared with the previous year)

 
(%)
  FY 2021 FY 2022
All industries 4.0 3.2
Manufacturing 7.4 5.6
Non-manufacturing 2.7 2.3

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2021 FY 2022
All industries 22.1 -0.3
Manufacturing 33.3 1.0
Non-manufacturing 17.9 -0.8

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

 
(%)
  FY 2021 FY 2022
All industries 2.4 8.2
Manufacturing 2.3 20.1
Non-manufacturing 2.4 2.2

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.