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Policy Research Institute

 

Business Outlook Survey 

(July-September 2011)

 Sep. 12, 2011

1. Business conditions

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

(%points)

 

 Apr.-Jun.
2011
(previous)

 Jul.-Sep.
2011
(present)

 Oct.-Dec.
2011
(outlook)

 Jan.-Mar.
2012
(outlook)

Corporations with capital of 1 billion yen or over
  All industries -22.0 6.6 8.1 6.0
 Manufacturing -23.3 10.3 13.6 7.1
 Non-manufacturing -21.4 4.6 5.2 5.4
Corporations with capital of 100 million to 1 billion yen
  All industries -28.6 -1.8 5.1 0.8
 Manufacturing -24.4 -1.9 13.9 3.3
 Non-manufacturing -29.9 -1.8 2.4 0.0
Corporations with capital of 10 to 100 million yen
  All industries -41.1 -22.2 -11.1 -11.2
 Manufacturing -39.7 -19.2 -8.8 -14.0
 Non-manufacturing -41.4 -22.8 -11.5 -10.6

 

2. Domestic economic conditions

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

(%points)

 

 Apr.-Jun.
2011
(previous)

 Jul.-Sep.
2011
(present)

 Oct.-Dec.
2011
(outlook)

 Jan.-Mar.
2012
(outlook)

Corporations with capital of 1 billion yen or over
  All industries -45.0 1.5 6.9 6.5
 Manufacturing -42.5 9.3 11.6 7.2
 Non-manufacturing -46.4 -2.8 4.5 6.1
Corporations with capital of 100 million to 1 billion yen
  All industries -58.3 -13.7 -2.7 -0.1
 Manufacturing -57.3 -2.8 7.0 1.8
 Non-manufacturing -58.6 -17.0 -5.6 -0.6
Corporations with capital of 10 to 100 million yen
  All industries -62.3 -32.6 -18.9 -15.7
 Manufacturing -61.3 -27.2 -9.7 -12.3
 Non-manufacturing -62.5 -33.7 -20.8 -16.4

 

3. Employment

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

(%points)

 

End of Jun.
2011
(previous)

End of Sep.
2011
(present)

End of Dec.
2011
(outlook)

End of Mar.
2012
(outlook)

Corporations with capital of 1 billion yen or over
  All industries -1.9 1.3 1.8 1.9
 Manufacturing -6.4 -0.2 -0.3 0.1
 Non-manufacturing 0.5 2.0 3.0 2.9
Corporations with capital of 100 million to 1 billion yen
  All industries 0.3 5.9 3.5 3.4
 Manufacturing -2.2 2.0 0.9 1.3
 Non-manufacturing 1.0 7.0 4.2 4.0
Corporations with capital of 10 to 100 million yen
  All industries -2.4 3.4 2.7 1.4
 Manufacturing -7.7 2.2 3.5 -0.1
 Non-manufacturing -1.3 3.6 2.5 1.8

 

4. Sales (compared with the previous year)

(%)

 

  FY 2011

  1st half

   FY 2011

  2nd half

   FY 2011

All industries 0.1 -1.3 1.4
 Manufacturing 1.0 -1.1 3.1
 Non-manufacturing -0.3 -1.4 0.7

          

   

5. Ordinary profits (compared with the previous year)

(%)

 

  FY 2011

  1st half

   FY 2011

  2nd half

   FY 2011

All industries 2.8 -5.1 10.5
 Manufacturing 4.4 -9.0 18.7
 Non-manufacturing 2.1 -3.2 7.1

          

   

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

(%)

 

  FY 2011

  1st half

   FY 2011

  2nd half

   FY 2011

All industries 5.4 6.6 4.4
 Manufacturing 9.0 7.5 10.4
 Non-manufacturing 3.0 6.0 0.6
Note:  Excludes expense purchasing land.