Business Outlook Survey
(January-March 2025)
March.12, 2025
1. Business conditions
Business survey index
(Difference of "up"-"down" compared with previous quarter)
| (%points) | |||||
|
Oct.-Dec. 2024 (previous) |
Jan.-Mar. 2025 (present) |
Apr.-Jun. 2025 (outlook) |
Jul.-Sep. 2025 (outlook) |
||
|---|---|---|---|---|---|
| Corporations with capital of 1 billion yen or over | |||||
| All industries | 5.7 | 2.0 | 1.5 | 5.7 | |
| Manufacturing | 6.3 | -2.4 | -0.5 | 6.3 | |
| Non-manufacturing | 5.4 | 4.1 | 2.5 | 5.5 | |
| Corporations with capital of 100 million to 1 billion yen | |||||
| All industries | 3.8 | 0.7 | 3.1 | 6.9 | |
| Corporations with capital of 10 to 100 million yen | |||||
| All industries | -4.7 | -12.7 | -5.1 | -0.3 | |
2. Domestic economic conditions
Business survey index
(Difference of "up"-"down" compared with previous quarter)
| (%points) | |||||
|
Oct.-Dec. 2024 (previous) |
Jan.-Mar. 2025 (present) |
Apr.-Jun. 2025 (outlook) |
Jul.-Sep. 2025 (outlook) |
||
|---|---|---|---|---|---|
| Corporations with capital of 1 billion yen or over | |||||
| All industries | 4.2 | 3.1 | 2.1 | 3.5 | |
| Manufacturing | 2.0 | -1.3 | -1.4 | 1.2 | |
| Non-manufacturing | 5.3 | 5.2 | 3.8 | 4.6 | |
| Corporations with capital of 100 million to 1 billion yen | |||||
| All industries | 1.4 | -2.3 | -0.8 | 1.5 | |
| Corporations with capital of 10 to 100 million yen | |||||
| All industries | -11.7 | -17.7 | -13.5 | -9.2 | |
3. Employment
Business survey index
(Difference of "insufficient"-"excessive")
| (%points) | |||||
|
End of Dec. 2024 (previous) |
End of Mar. 2025 (present) |
End of Jun. 2025 (outlook) |
End of Sep. 2025 (outlook) |
||
|---|---|---|---|---|---|
| Corporations with capital of 1 billion yen or over | |||||
| All industries | 27.4 | 28.3 | 22.2 | 20.1 | |
| Manufacturing | 19.4 | 20.3 | 16.6 | 15.0 | |
| Non-manufacturing | 31.2 | 32.2 | 24.8 | 22.6 | |
| Corporations with capital of 100 million to 1 billion yen | |||||
| All industries | 41.4 | 40.9 | 34.9 | 30.9 | |
| Corporations with capital of 10 to 100 million yen | |||||
| All industries | 31.7 | 30.3 | 25.9 | 25.4 | |
4. Sales (compared with the previous year)
| (%) | ||||||
| FY 2024 | FY 2025 | |||||
|---|---|---|---|---|---|---|
| All industries | 3.2 | 1.8 | ||||
| Manufacturing | 2.6 | 1.5 | ||||
| Non-manufacturing | 3.4 | 1.8 | ||||
5. Ordinary profits (compared with the previous year)
| (%) | ||||||
| FY 2024 | FY 2025 | |||||
|---|---|---|---|---|---|---|
| All industries | 6.5 | -0.2 | ||||
| Manufacturing | 1.1 | -0.6 | ||||
| Non-manufacturing | 8.6 | -0.1 | ||||
6. Software and investment in plant and equipment (compared with the previous year)
| (%) | ||||||
| FY 2024 | FY 2025 | |||||
|---|---|---|---|---|---|---|
| All industries | 7.4 | 5.9 | ||||
| Manufacturing | 4.9 | 10.0 | ||||
| Non-manufacturing | 8.8 | 3.1 | ||||
Note: Excludes expense purchasing land.
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