Business Outlook Survey

(April-June 2023)

June.13, 2023

1. Business conditions

Business survey index

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

 
(%points)
   Jan.-Mar.
2023
(previous)
 Apr.-Jun.
2023
(present)
 Jul.-Sep.
2023
(outlook)
 Oct.-Dec.
2023
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -3.0 2.7 8.6 10.4
Manufacturing -10.5 -0.4 11.2 17.2
Non-manufacturing 0.6 4.1 7.4 7.2
Corporations with capital of 100 million to 1 billion yen
  All industries -4.8 1.9 8.0 10.6
Corporations with capital of 10 to 100 million yen
  All industries -17.4 -6.6 -0.8 3.5

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Jan.-Mar.
2023
(previous)
 Apr.-Jun.
2023
(present)
 Jul.-Sep.
2023
(outlook)
 Oct.-Dec.
2023
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -2.9 15.2 12.0 8.6
Manufacturing -7.4 8.7 10.5 9.9
Non-manufacturing -0.8 18.3 12.7 8.0
Corporations with capital of 100 million to 1 billion yen
  All industries -8.7 13.9 10.7 10.8
Corporations with capital of 10 to 100 million yen
  All industries -18.7 4.7 2.2 3.3

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Mar.
2023
(previous)
End of Jun.
2023
(present)
End of Sep.
2023
(outlook)
End of Dec.
2023
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 22.7 22.6 18.9 16.9
Manufacturing 16.6 15.9 14.2 13.5
Non-manufacturing 25.6 25.8 21.1 18.5
Corporations with capital of 100 million to 1 billion yen
  All industries 37.0 36.9 32.5 30.1
Corporations with capital of 10 to 100 million yen
  All industries 28.0 29.6 27.7 26.3

4. Sales (compared with the previous year)

 
(%)
  FY 2023
All industries 2.7
Manufacturing 3.5
Non-manufacturing 2.4

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2023
All industries -4.4
Manufacturing -9.9
Non-manufacturing -2.4

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

 
(%)
  FY 2023
All industries 11.2
Manufacturing 21.8
Non-manufacturing 6.6

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.