Business Outlook Survey

(April-June 2025)

June.12, 2025

1. Business conditions

Business survey index

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

 
(%points)
   Jan.-Mar.
2025
(previous)
 Apr.-Jun.
2025
(present)
 Jul.-Sep.
2025
(outlook)
 Oct.-Dec.
2025
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 2.0 -1.9 5.2 6.1
Manufacturing -2.4 -4.8 5.7 8.4
Non-manufacturing 4.1 -0.5 5.0 5.0
Corporations with capital of 100 million to 1 billion yen
  All industries 0.7 -0.9 5.2 7.2
Corporations with capital of 10 to 100 million yen
  All industries -12.7 -12.3 -5.8 -1.9

2. Domestic economic conditions

Business survey index

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

 
(%points)
   Jan.-Mar.
2025
(previous)
 Apr.-Jun.
2025
(present)
 Jul.-Sep.
2025
(outlook)
 Oct.-Dec.
2025
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 3.1 -6.2 -1.1 1.3
Manufacturing -1.3 -7.5 1.1 2.6
Non-manufacturing 5.2 -5.7 -2.1 0.6
Corporations with capital of 100 million to 1 billion yen
  All industries -2.3 -12.0 -9.3 -4.9
Corporations with capital of 10 to 100 million yen
  All industries -17.7 -23.6 -18.1 -13.0

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

 
(%points)
  End of Mar.
2025
(previous)
End of Jun.
2025
(present)
End of Sep.
2025
(outlook)
End of Dec.
2025
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 28.3 26.9 23.2 22.0
Manufacturing 20.3 19.5 17.4 16.4
Non-manufacturing 32.2 30.4 25.9 24.6
Corporations with capital of 100 million to 1 billion yen
  All industries 40.9 36.5 32.7 30.3
Corporations with capital of 10 to 100 million yen
  All industries 30.3 28.8 27.5 27.5

4. Sales (compared with the previous year)

 
(%)
  FY 2025
All industries 2.1
Manufacturing 2.2
Non-manufacturing 2.1

5. Ordinary profits (compared with the previous year)

 
(%)
  FY 2025
All industries -2.1
Manufacturing -1.2
Non-manufacturing -2.4

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

 
(%)
  FY 2025
All industries 7.3
Manufacturing 14.3
Non-manufacturing 3.6

Note: Excludes expense purchasing land.

 

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Ministry of Finance, Policy Research Institute.