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Policy Research Institute

 

Business Outlook Survey 

(January-March 2011)

 Mar. 16, 2011

1. Business conditions

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

(%points)

 

 Oct.-Dec.
2010
(previous)

 Jan.-Mar.
2011
(present)

 Apr.-Jun.
2011
(outlook)

 Jul.-Sep.
2011
(outlook)

Corporations with capital of 1 billion yen or over
  All industries -5.0 -1.1 1.5 6.2
 Manufacturing -8.0 -3.2 4.0 7.5
 Non-manufacturing -3.4 0.0 0.2 5.5
Corporations with capital of 100 million to 1 billion yen
  All industries -8.6 -7.4 -2.2 5.6
 Manufacturing -7.1 -17.6 4.7 8.8
 Non-manufacturing -9.1 -4.3 -4.3 4.6
Corporations with capital of 10 to 100 million yen
  All industries -18.4 -23.3 -14.1 -7.8
 Manufacturing -10.0 -26.7 -5.5 -6.3
 Non-manufacturing -20.1 -22.5 -15.9 -8.1

 

2. Domestic economic conditions

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

(%points)

 

 Oct.-Dec.
2010
(previous)

 Jan.-Mar.
2011
(present)

 Apr.-Jun.
2011
(outlook)

 Jul.-Sep.
2011
(outlook)

Corporations with capital of 1 billion yen or over
  All industries -12.1 2.1 4.1 6.5
 Manufacturing -13.9 0.2 5.7 6.7
 Non-manufacturing -11.2 3.1 3.3 6.4
Corporations with capital of 100 million to 1 billion yen
  All industries -17.3 -7.7 -1.3 2.8
 Manufacturing -15.4 -11.0 -0.6 5.6
 Non-manufacturing -17.9 -6.7 -1.4 2.0
Corporations with capital of 10 to 100 million yen
  All industries -30.5 -27.1 -16.1 -9.3
 Manufacturing -25.2 -28.1 -11.6 -4.5
 Non-manufacturing -31.5 -26.8 -17.0 -10.3

 

3. Employment

Business survey index
(Difference of "insufficient"-"excessive" )

(%points)

 

End of Dec.
2010
(previous)

End of Mar.
2011
(present)

End of Jun.
2011
(outlook)

End of Sep.
2011
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 0.5 2.5 -0.6 0.8
 Manufacturing -3.3 -1.5 -2.3 -1.0
 Non-manufacturing 2.5 4.6 0.4 1.7
Corporations with capital of 100 million to 1 billion yen
  All industries 1.6 4.3 -0.0 1.1
 Manufacturing -5.3 -3.0 -6.2 -3.6
 Non-manufacturing 3.7 6.5 1.9 2.6
Corporations with capital of 10 to 100 million yen
  All industries 2.3 2.3 -1.7 -0.4
 Manufacturing 2.2 -1.2 -4.2 -4.1
 Non-manufacturing 2.3 3.1 -1.2 0.4

 

4. Sales (compared with the previous year)

(%)

 

  FY 2010

  1st half

   FY 2010

  2nd half

   FY 2010

  FY 2011

  1st half

   FY 2011

  2nd half

   FY 2011

All industries 3.3 6.3 0.6 1.1 0.5 1.6
 Manufacturing 6.9 12.8 1.7 1.8 1.4 2.3
 Non-manufacturing 1.9 3.8 0.2 0.8 0.2 1.4

          

   

5. Ordinary profits (compared with the previous year)

(%)

 

  FY 2010

  1st half

   FY 2010

  2nd half

   FY 2010

  FY 2011

  1st half

   FY 2011

  2nd half

   FY 2011

All industries 31.1 67.5 6.0 6.4 1.3 11.5
 Manufacturing 65.7 291.8 -1.2 3.0 -7.0 13.2
 Non-manufacturing 19.5 30.8 9.5 8.0 5.2 10.7

          

   

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

(%)

 

  FY 2010

  1st half

   FY 2010

  2nd half

   FY 2010

  FY 2011

  1st half

   FY 2011

  2nd half

   FY 2011

All industries 6.9 1.9 11.3 -0.5 12.2 -11.9
 Manufacturing 11.0 2.6 19.4 1.6 15.4 -10.6
 Non-manufacturing 4.8 1.6 7.5 -1.7 10.3 -12.7
Note:  Excludes expense purchasing land.