Business Outlook Survey

(July-September 2022)

September.13, 2022

1. Business conditions

Business survey index

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

 
(%points)
   Apr.-Jun.
2022
(previous)
 Jul.-Sep.
2022
(present)
 Oct.-Dec.
2022
(outlook)
 Jan.-Mar.
2023
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -0.9 0.4 6.4 4.7
Manufacturing -9.9 1.7 10.0 3.4
Non-manufacturing 3.4 -0.2 4.6 5.3
Corporations with capital of 100 million to 1 billion yen
  All industries -2.1 -2.2 4.9 3.7
Corporations with capital of 10 to 100 million yen
  All industries -14.8 -15.9 -5.9 -7.7

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Apr.-Jun.
2022
(previous)
 Jul.-Sep.
2022
(present)
 Oct.-Dec.
2022
(outlook)
 Jan.-Mar.
2023
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 0.4 -1.8 2.4 3.2
Manufacturing -5.6 -0.6 3.0 2.3
Non-manufacturing 3.2 -2.3 2.1 3.7
Corporations with capital of 100 million to 1 billion yen
  All industries -5.2 -8.9 -2.0 0.5
Corporations with capital of 10 to 100 million yen
  All industries -18.4 -21.7 -15.6 -11.2

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Jun.
2022
(previous)
End of Sep.
2022
(present)
End of Dec.
2022
(outlook)
End of Mar.
2023
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 15.8 18.7 15.5 13.8
Manufacturing 11.2 14.4 12.4 10.1
Non-manufacturing 18.0 20.7 16.9 15.5
Corporations with capital of 100 million to 1 billion yen
  All industries 31.1 32.2 27.9 24.6
Corporations with capital of 10 to 100 million yen
  All industries 23.8 24.8 24.5 21.4

4. Sales (compared with the previous year)

 
(%)
  FY 2022
All industries 4.8
Manufacturing 7.8
Non-manufacturing 3.5

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2022
All industries 0.9
Manufacturing -1.5
Non-manufacturing 2.0

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

 
(%)
  FY 2022
All industries 16.2
Manufacturing 26.3
Non-manufacturing 11.2

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.